Binance Faces Regulator's Warning for Operating Without License in Philippines

By: Eva Baxter

The Philippines Securities and Exchange Commission (SEC) has issued a warning against Binance, a leading cryptocurrency exchange, for operating in the country without the necessary approval or license. The regulator has emphasized that any exchange must apply for registration and provide detailed information about securities before selling them to the public.

Entities involved in promoting or trading on Binance may face up to 21 years of imprisonment and up to $90,000 in penalties, according to the Philippines SEC regulations. Despite repeated warnings, Binance still remains one of the major crypto trading platforms in the Philippines. The SEC also stated that they are seeking to have the platform blocked within the country.

This announcement comes a few days after Binance CEO Changpeng Zhao pleaded guilty in a U.S. court to violating Anti-Money Laundering laws and subsequently stepped down from his position. The Philippines SEC has previously partnered with the U.S. SEC in September 2023 to fight against crypto fraud.