Philippines Threatens to Block Binance for Operating Without License

Philippines Threatens to Block Binance Over Operating Without License

Key Insights

  • Philippines warns may soon block Binance for operating crypto exchange without license
  • Promoting Binance trading now carries potential fines up to $90k or 21 years in jail
  • Comes amid worldwide regulatory backlash over AML failures resulting in $4B+ US penalties

MANILA, Philippines β€” The Philippines is putting cryptocurrency trading giant Binance on notice that it may soon block local access to the exchange’s services over operating in the country without securing proper registration.

In a public notice Tuesday, the Philippine Securities and Exchange Commission warned the public that Binance lacks an SEC license to offer securities or facilitate crypto asset transactions with Filipino citizens. Promoting Binance trading via social media now potentially carries stiff fines or even criminal liability there.

Citing violations of securities regulations, the agency said it has already instructed Google, Meta, and other platforms to bar Binance advertisements locally. Moreover, the SEC will urge Philippine telecommunication authorities to impose an internet service blockade against the exchange within three months.

Read also! Philippine SEC Warns Public Against Unauthorized eToro Platform

The stern crackdown comes as Binance confronts growing worldwide backlash over flouting compliance standards, including paying over $4 billion in U.S. fines related to anti-money laundering lapses and sanctions violations.

In response to the Philippines SEC, Binance stated its commitment to aligning operations with applicable local rules under recently installed leadership. However, continued access in the country appears dependent on satisfying local registration requirements.

By threatening service restrictions, the Philippines is underscoring heightened global urgency around tighter crypto policing after recent market turmoil. With Binance under the compliance microscope across multiple jurisdictions, its days of operating with impunity appear numbered.

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