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 According to the Philippines SEC, entities involved in promoting or trading on Binance could face up to 21 years of imprisonment and $90,000 in penalties.
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 Cryptocurrency exchange Binance has been <a rel="noopener noreferrer nofollow" title="operating" href="https://thebittimes.com/tag/operating.html">operating</a> in the Philippines without the necessary approval or <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a>, according to the local securities <a rel="noopener noreferrer nofollow" title="regulator" href="https://thebittimes.com/tag/regulator.html">regulator</a>.
 The Philippines Securities and Exchange Commission (SEC) issued a warning against Binance on Nov. 28, informing the public that the exchange is not authorized to sell or offer securities in the country.
 The announcement emphasized that an exchange like Binance must apply for registration and provide detailed information about offered securities before selling them to the public. Such detailed information includes the issuance price, the nature of securities and other data.
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 The Philippines’ Securities Regulation Code (SRC) also requires securities issuers to be registered in the country before being offered for investment. The issuer should also acquire a secondary license to sell or offer securities to the public, the statement notes, adding:
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 “Based on the Commission’s database, the operator of the platform Binance is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form of securities as defined under Section 3.1 of the SRC.”
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 In addition to <a rel="noopener noreferrer nofollow" title="operating" href="https://thebittimes.com/tag/operating.html">operating</a> without the necessary <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a>, the SEC argued that Binance had been illicitly promoting its services in the country. The <a rel="noopener noreferrer nofollow" title="regulator" href="https://thebittimes.com/tag/regulator.html">regulator</a> warned entities involved in promoting or trading on Binance may be held criminally liable under Section 28 of the SRC.
 This is a criminal offense that carries the penalty of a fine of up to 5 million Philippine pesos ($90,300), or imprisonment of 21 years, or both, under Section 73 of the SRC, the statement notes.
 Binance did not immediately respond to Cointelegraph’s request for comment.
 This is a developing story, and further information will be added as it becomes available.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-operating-without-license-in-philippines-regulator-says-tbt72005.html">https://thebittimes.com/binance-operating-without-license-in-philippines-regulator-says-tbt72005.html</a>

Binance operating without license in Philippines, regulator says

TheBitTimes

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