Key Insights
- The Philippines SEC is taking steps to block local access to Binance crypto exchange for operating without a license
- Regulators accuse Binance of aggressively soliciting investments from Filipinos through marketing despite lacking approval to operate an exchange
- The move aligns with efforts in countries like Nigeria to restrict unauthorized crypto trading platforms
MANILA (MarketsXplora) – Philippine regulators are working to restrict domestic access to Binance, the world’s largest cryptocurrency exchange, citing its lack of authorisation to operate locally after attempts to rein in its activities failed.
The Securities and Exchange Commission (SEC) said on Monday it has coordinated with the National Telecommunications Commission (NTC) to potentially block web pages linked to Binance.
The move follows the SEC accusing Binance of aggressively soliciting investments from Filipinos through social media marketing campaigns, despite not being licensed to operate an exchange or raise funds in the country.
“Binance has not secured from (regulators) a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities,” the SEC said in a statement.
Philippines authorities have been clamping down on unauthorised crypto trading platforms in recent months as part of wider efforts to better regulate the digital assets sector.
The SEC warned as early as last September it planned to block Binance if it failed to register, aligning the country’s measures with similar curbs imposed by the likes of Nigeria in a bid to insulate domestic fiat currencies.
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A Binance spokesperson said the company takes compliance obligations very seriously and is committed to upholding high standards globally.
“We welcome opportunities to engage in constructive discussions with policy-makers and regulators to support their important work,” they added.
The exchange has scaled back certain services in other markets while actively pursuing operating licences worldwide. It withdrew from Canada last year while offloading its U.S. affiliate Binance.US for $1.3 billion.
Binance’s regulatory challenges reflect widening scrutiny of the cryptocurrency industry, with major economies racing to establish clear legal frameworks after a string of high-profile collapses and scandals undermined consumer confidence.