Cryptocurrency Exchange App May Be Banned in the Philippines Soon

This comes after similar efforts to ban Binance’s official website and other webpages in the country.

The Securities and Exchange Commission (SEC) has revealed that it is working on banning Binance’s app in the Philippines. According to a report by the Philippine Star, the SEC said that “The request that the SEC has made so far is with the National Telecommunications Commission (NTC), to block all websites and links used by Binance in the country.” 

“The SEC is still working on blocking the app as well,” the SEC added. “We’ll provide updates when the SEC has coordinated with other agencies for that procedure.” 

Previously, the SEC en banc approved the filing of a formal request with the NTC asking for assistance in blocking Binance’s website and other webpages. Because of this, the NTC ordered the country’s internet service providers to block access to Binance’s website. 

What Is the Reason Behind This?

The SEC’s efforts to ban Binance from the country stems from the fact that the cryptocurrency exchange is not a registered corporation in the country. Furthermore, it does not have the license to solicit investments from the public. 

Binance likewise does not have any permission to create or operate as a cryptocurrency exchange in the country. Despite this, the company has made continuous efforts to attract investments from the Filipino public, particularly on social media. 

This has led to the issuance of a warning last November that informed the public that Binance “offered an investment and trading platform without the necessary license from the commission.” SEC Chairperson Emilio Aquino also warned the public that the cryptocurrency exchange “poses a threat to the security of the funds of investing Filipinos.”

What Is Binance? 

The largest cryptocurrency exchange in the world in terms of daily trading volume, Binance was founded in 2017 by Changpeng Zhao. Initially based in China, currently holds no official headquarters.

Zhao, the company’s former CEO, made headlines in 2023 when he pleaded guilty to a money laundering charge against him in the United States. 

Despite not having any official permits or licenses in the Philippines, the company has an approximate 3.4 million users in the country.