So, check this out: the Securities and Exchange Commission (SEC) of the Philippines dropped a bombshell, announcing plans to block access to Binance in their country. Why? Well, the SEC claims Binance hasn’t scored the necessary license to operate in that region.
They’ve even called in reinforcements! The SEC isn’t messing around, asking Google and Meta to pull the plug on Binance ads across social media in the Philippines. They’ve also roped in the National Telecommunications Commission and the Department of Information and Communications Technology to help in shutting the platform down.
On top of all that, the SEC dropped a pretty stern warning: anyone acting as a Binance middleman – be it salespeople, influencers, recruiters, or endorsers – might face some serious heat legally if they’re persuading Filipinos to invest in Binance, even online.
Now, here’s the deadline alert: the Philippines SEC has given Binance a three-month window for Filipino investors to wrap up their affairs and pull out their investments from the platform.
And it’s not just warnings! The SEC made it crystal clear that Binance could face criminal charges for doing business sans license. They’re even threatening a hefty fine of five million Pesos or a potential 21-year imprisonment, or both, if things don’t square up.
