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<ul>
 <li>The Philippine Securities and Exchange Commission (SEC) revealed critical details about Binance offering securities illegally in the country.</li>
 <li>Shocking statements in the SEC’s database expose that Binance is not registered in the Philippines and operates without the necessary license.</li>
 <li>According to Section 73 of the SEC, violators may be subject to a maximum fine of Five Million Pesos (P 5,000,000.00), twenty-one (21) years of imprisonment, or both.</li>
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<p><strong>Philippine Securities and Exchange Commission warns that Binance operates illegally in the country.</strong></p>
<h2 id="strong-philippine-sec-warns-binance-exchange-strong"><strong>Philippine SEC Warns Binance Exchange</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-127029" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="binance" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>The Philippine Securities and Exchange Commission (SEC) revealed critical details about Binance offering securities illegally in the country. Securities, including the issuance price, must be registered with the SEC, and this is applicable to registered companies or licensed traders in the Philippines.</p>
<p>This comes amid a money laundering case against Binance CEO CZ. Shocking statements in the SEC’s database expose that Binance is not registered in the Philippines and operates without the necessary license. There is a strong warning for investors to avoid dealing with such platforms.</p>
<p>The SEC claims that Binance can be accessed through its website, Google Play Store, and Apple App Store. The platform claims to operate a facility for trading financial instruments and offers various investment products, including leveraged spot trading of cryptocurrencies and futures contracts.</p>
<p>The SEC emphasizes the need to be cautious when investing in unregistered online platforms. Individuals promoting Binance within the Philippines could face charges and severe penalties under the Securities Regulation Code.</p>
<p>According to Section 73 of the SEC, violators may be subject to a maximum fine of Five Million Pesos (P 5,000,000.00), twenty-one (21) years of imprisonment, or both. This stern warning from the SEC underscores the potential legal consequences of promoting or engaging with unregistered platforms.</p>
<h2 id="strong-public-advisory-by-the-sec-strong"><strong>Public Advisory by the SEC</strong></h2>
<p>The SEC draws attention to its advisory titled ‘Warning Against Dealing with Unregistered Foreign Securities, Entities, and Companies.’ Caution should be exercised, especially when dealing with investment platforms operating without proper registration and authorization.</p>
<p>In the Philippines, operators, even if appearing as registered brokers/traders abroad, are subject to specific conditions laid out by the Securities Regulation Code before offering securities and investment products to the public. These requirements include registration with the SEC, issuer references, and obtaining a secondary license.</p>
<p>In light of these findings, the SEC highlights the importance of a thorough due diligence. Dealing with unregistered platforms, such as Binance, can be risky, and individuals promoting these platforms may face serious legal consequences.</p>
<p>Additionally, there are reports of sports icon Cristiano Ronaldo being sued for endorsing an exchange. According to the plaintiffs, Ronaldo encouraged the marketing and sale of unregistered securities. Ronaldo signed a multi-year agreement with the exchange to promote his own NFTs (Non-Fungible Tokens).</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/philippine-regulator-warns-bitcoin-exchange-binance-exchange-operates-without-license/">Philippine Regulator Warns Bitcoin Exchange Binance: Exchange Operates Without License!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Philippine Regulator Warns Bitcoin Exchange Binance: Exchange Operates Without License!

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