Philippine authorities warn users that they will soon block access to Binance | CoinDesk JAPAN

The Philippine Securities and Exchange Commission (SEC) has warned users in the Philippines that access to Binance may soon be blocked, saying it operates without a license in the country. ing.

The commission said in its notice that Binance is not licensed to sell or offer securities to the public.

It also said that Binance is actively promoting crypto-asset (virtual currency) trading to Filipinos on social media, which is a criminal act in the country, and those who promote it may be subject to criminal liability. It is said that there is.

“Persons who act as Binance salespersons, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers to sell or solicit investments on the Binance platform within the Philippines are prohibited from online “Even if the transaction is illegal, the person may be held criminally liable under Article 28 of the Securities Regulation Act,” the notice states. or face up to 21 years in prison.

The authorities have also sought the cooperation of the National Telecommunications Commission to block Binance in the country, and ordered Google and Meta to block Binance’s local ads.

If approved, this block will take place within three months and local users will be able to liquidate their positions.

Local media in the Philippines carried a comment from Binance saying, “We are committed to complying with applicable local regulations. Under our new leadership, we will take proactive steps to address the SEC’s concerns.” are doing.

Binance recently settled with US authorities for $4.3 billion (approx. They agreed to pay a fine of 1 dollar = 150 yen).

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Danny Nelson/CoinDesk
｜Original text: Philippines Security Regulator Warns Binance Is Operating Without a License