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The Philippines’ SEC is taking steps to block local access to Binance, citing that the exchange operates without the necessary license.&nbsp;
The regulatory body has successfully <a href="https://www.sec.gov.ph/pr-2024/sec-proceeds-with-blocking-of-binance/#gsc.tab=0" target="_blank" rel="noopener noreferrer nofollow">obtained</a> the green light from the National Telecommunications Commission (NTC) of the Philippines to prohibit access to Binance’s website and its associated services nationwide.
Emilio Aquino, the SEC Chairperson, communicated to the NTC that Binance poses a risk to the financial safety of Filipino investors. The SEC has accused Binance of illegally offering various services, including crypto savings accounts and leveraged trading options, without securing the proper authorizations.
You might also like: <a href="https://crypto.news/binance-suspends-support-for-usdc-deposits-and-withdrawals-via-tron/" rel="noopener noreferrer nofollow"> Binance suspends support for USDC deposits and withdrawals via TRON </a>
Although the number of Filipino users on Binance is unavailable, GWI <a href="https://investingintheweb.com/crypto/crypto-ownership-by-country/#aaa" target="_blank" rel="noopener noreferrer nofollow">research</a> suggests the Philippines has over 9.3 million cryptocurrency owners, positioning it as the seventh largest country in crypto ownership.
The SEC issued a <a href="https://crypto.news/philippines-sec-to-restrict-binance-warns-of-legal-risks-for-promoters/" rel="noopener noreferrer nofollow">warning</a> in November stating that Binance was conducting business in the Philippines without the requisite permits. The commission has requested tech giants Google and Meta, the parent company of Facebook, to halt any advertisements by Binance that target Filipino consumers, highlighting concerns over social media promotions aimed at drawing in investors from the Philippines.
Binance continues to face regulatory challenges in different countries. The largest crypto exchange has been facing severe backlash in <a href="https://crypto.news/binance-surrender-nigeria-data/" rel="noopener noreferrer nofollow">Nigeria</a> since February. Earlier today, the exchange’s regional manager, detained as a part of the investigation, <a href="https://crypto.news/detained-binance-executive-reportedly-escapes-from-custody-in-nigeria/" rel="noopener noreferrer nofollow">fled</a> the country using a fake passport.&nbsp;
Read more: <a href="https://crypto.news/detained-binance-executive-reportedly-escapes-from-custody-in-nigeria/" rel="noopener noreferrer nofollow"> Detained Binance executive reportedly escapes from custody in Nigeria </a>

Binance to be blocked in the Philippines by regulatory watchdogs

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