Binance is Accused of Operating Without Registration in Philippines

A special notice issued by the local Securities and Exchange Commission states that Binance is not registered as a company in the Philippines and does not possess the necessary licenses to operate.

The agency has warned employees involved in promoting or trading on the platform that they could face up to 21 years in prison and a fine.

According to the document, Binance is required to submit a registration application and provide details of the securities being offered before selling them to the public.

This includes information such as the issue price, nature of the assets, and other data. In light of the recent claims by the American SEC against Binance, local investors fear that similar requirements may be imposed by the Philippine regulator.

Many are opting to trade on BSP regulated exchanges such as PDax and Coins.ph, as they believe that if Binance loses its case, its operations in most countries, including the Philippines, will suffer major consequences.