Richard

Time

<p>The post <a href="https://coinpedia.org/news/philippine-sec-issues-notice-on-binances-social-media-promotional-activities/" rel="noopener noreferrer nofollow">Philippine SEC Issues Notice on Binance’s Social Media Promotional Activities</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The Philippine Securities and Exchange Commission (SEC) is taking decisive <a href="https://www.sec.gov.ph/advisories-2023/binancebinance-is-not-registered-as-a-corporation-in-the-philippines-and-operates-without-the-necessary-license-and-or-authority/#gsc.tab=0" rel="noopener noreferrer nofollow">action</a> against Binance, the world’s largest cryptocurrency exchange. The SEC’s concerns stem from Binance’s unregulated promotion and sale of investment products in the Philippines, violating local securities laws.</p>
<h2 class="wp-block-heading" id="h-activities-in-the-spotlight"><strong>Activities in the Spotlight</strong></h2>
<p>The heart of the issue lies in Binance’s engagement in activities for which it lacks the necessary authorization in the Philippines. The SEC has pointed out that Binance is not a registered corporation in the country and does not have the required license to sell or offer securities. This lack of authorization puts Binance in a precarious position, especially in light of its extensive promotional efforts on social media.</p>
<p>To shield the public from risks associated with unregistered investments, the SEC is initiating measures to restrict access to Binance within the Philippines. This decision aims to safeguard Filipino investors from potential financial harm. The SEC has set a three-month timeline for this restriction to take full effect, providing a grace period for investors to withdraw their funds and close their positions in the crypto exchange.</p>
<p>To enforce its decision, the SEC is collaborating with major technology companies. It has reached out to Alphabet’s Google and Facebook’s parent company, Meta, requesting them to halt all online advertisements for Binance targeted at users in the Philippines.</p>
<h2 class="wp-block-heading" id="h-a-turbulent-time-for-binance"><strong>A Turbulent Time for Binance</strong></h2>
<p>The challenges for Binance do not end with the Philippine SEC’s actions. The exchange is currently grappling with the aftermath of its former chief, Changpeng Zhao, stepping down following his admission of guilt in violating U.S. anti-money laundering laws.</p>
<p>Richard Teng, Binance’s newly appointed chief, is now facing a series of daunting tasks. He inherits a legacy of intense scrutiny from U.S. financial authorities, an ongoing lawsuit by the U.S. Securities and Exchange Commission, and the uncertainty of maintaining Binance’s dominance in the industry.</p>

Philippine SEC Issues Notice on Binance’s Social Media Promotional Activities

목차

CoinPedia News

2023년 11월 29일에 게재된 다른 기사

Velodrome and Aerodrome Warn Users Following Frontend Assault

eToro and M2 Secure Regulatory Approval for Crypto Services in UAE’s Booming Market

Defi platforms Aerodrome and Velodrome hit by front-end cyberattacks

Tron rising as Rebel Satoshi’s Early Bird presale phase sells out

SUSHI Price Rose 59% in November; Will the Rally Continue?

Decentralized exchanges Velodrome and Aerodrome warn users of DNS attack

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!