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Assertive! This organization demands that the Philippine SEC immediately…

Binance Admits Loss of 90 Percent of Ge...

A firm position was shown by an organization in the Philippines, they asked the Securities and Exchange Commission (SEC) there to immediately block Binance. They considered the crypto exchange illegal because it did not have a license to operate.

Once again, Binance has tripped over the rules. Recently, the organization Infrawatch PH asked the Philippine financial authorities to shut down the operations of Binance. They also warned the public not to invest cryptocurrencies on Binance, as the company’s entity is not registered, so it is considered illegal.

The news was revealed in document courtesy of Infrawatch PH. The document is part of a letter from Infrawatch PH addressed to SEC Chairman Emilio Aquino and certified by SEC Philippines on July 25, 2022.

“Binance has been operating in the Philippines for a long time as crypto exchange which is not registered. Binance publicly offers a number of crypto products to the public, ranging from peer-to-peer trading to crypto derivatives trading,” the board said.

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Binance Philippines

Institution think tank he also called on Philippine authorities to immediately investigate and ban Binance from operating in the Philippines.

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The organization previously asked the Philippine Department of Trade and Industry (DTI) to immediately investigate Binance’s activities.

Binance pressed in the Philippines

In a 12-page letter sent to the SEC, Terry Ridon, head of the organization, outlined specific steps the SEC could take against Binance.

“As a result, there is no proper authority and/or license to facilitate crypto trading and investment in the Philippines,” Infrawatch PH said in the letter.

They also noted that Binance is actively promoting in the Philippines online to attract more users.

“This clearly reflects Binance’s disregard for the rules in this country,” he said.

This is the latest challenge and it is similar to any other country facing the giant Binance.

Regulatory issues against leading crypto exchanges Changpeng Zhao it reached new highs last year and continues to grow.

In the United States, Binance US wins a lawsuit class action for the promotion of cryptocurrency by the company Earth MOON and UST.

However, whenever they are called out for breaking the rules, Binance often reiterates that they are committed to cooperating with regulators in each country and maintaining regulatory compliance.

In Indonesia itself, the Binance.com domain has been blocked for several years and cannot be accessed via a domestic IP.

A certain number of Indonesian citizens who access it must use a VPN service or use another domain with a “.me” extension. [ps]

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