<p>It’s been a very challenging year for global crypto platform Binance — one that doesn’t appear to be improving with the latest move to block access to the platform in the Philippines.</p><h2 id="header-0">Unlicensed to trade</h2><p>In a noteworthy development, the Philippines Securities and Exchange Commission (SEC) <a href="https://www.sec.gov.ph/wp-content/uploads/2023/11/2023Advisory-against-Binance.pdf" rel="noopener noreferrer nofollow">declared</a> on Tuesday its intention to block access to the Binance platform due to regulatory irregularities.</p><p>The SEC asserted in a statement that Binance lacks the necessary license to operate in the Philippines, cautioning the public against engaging in investment products on the platform. The regulator stated:</p><p>”BINANCE is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY.”</p><p>The regulatory body is actively working to have Binance blocked in the country, citing concerns about unregistered investment products. The impending ban is set to take effect within three months, allowing investors a window to exit their positions held through Binance.</p><h2 id="header-1">Pushback on advertising</h2><p>In addition to its attempts to block access to the platform, the SEC has also approached tech giants Google and Meta (Facebook’s parent company), requesting the blocking of Binance advertisements on their platforms within the country. This is a response to social media campaigns designed to attract Filipino investors to the embattled cryptocurrency exchange. While users can still download the Binance app from Google and Apple app stores in the Philippines, the extent of investor activity in the country remains uncertain.</p><h2 id="header-2">Follows U.S. regulatory action</h2><p>These actions in the Philippines come hot on the heels of Binance’s CEO Changpeng Zhao (CZ)<a href="https://medium.com/&#64;coinness.gl/singaporean-takes-helm-at-binance-as-cz-steps-aside-f73745a8cdb4" rel="noopener noreferrer nofollow"> stepping down</a> and pleading guilty in a U.S. money-laundering case. The Philippines’ ban adds to Binance’s challenges as it aims to expand in Southeast Asia amid legal troubles in the U.S. and restrictions on operations in China.</p><p>Over the course of a three-month period earlier this year, the world’s largest crypto exchange platform<a href="https://twitter.com/Travis_Kling/status/1684210297546981378?s&#61;20" rel="noopener noreferrer nofollow"> lost</a> its ability to trade in Germany, Canada, Belgium, the Netherlands and Cyprus. Additionally, French authorities have been investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.</p><p>Facing regulatory pushback in the U.S. and Europe, Binance appeared to be concentrating on making further in-roads in Asian markets over the course of this past year. It had recently pursued a joint venture with Gulf Energy in Thailand to<a href="https://medium.com/&#64;coinness.gl/binance-and-gulf-energy-launch-digital-asset-exchange-in-thailand-9f3dc15ffc6b" rel="noopener noreferrer nofollow"> launch</a> a new digital assets exchange.</p><p>Media reports previously suggested that Binance was considering acquiring a Philippine company to obtain operating licenses in the country. The SEC’s move to ban the platform follows a warning issued last year against using Binance, and it represents a broader effort to regulate the cryptocurrency sector and protect the public interest.</p><p>The recent guilty plea by CZ for violating U.S. money laundering laws has added to the legal woes of the cryptocurrency giant. CZ agreed to personally pay $50 million in penalties as part of a $4.3 billion settlement to resolve investigations into Binance’s practices. He may also still face prison time in the U.S. In the Philippines, the SEC warns that Section 28 of the Securities Regulation Code (SRC) allows the application of a fine of up to five million pesos ($90,000) and a maximum prison term of 21 years.</p>

Regulatory breach sees Philippines initiate blockade on Binance

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