Binance, a leading cryptocurrency trading platform globally, has encountered a significant setback in the Philippines. The country’s Securities and Exchange Commission (SEC) has taken action to restrict Binance’s online operations, citing the absence of required licensing for its investment and trading services.
In response to the SEC’s directive, the National Telecommunication Commission has been requested to block access to Binance’s website and affiliated pages. The SEC alleges that Binance has been actively soliciting local residents to engage in investment and trading activities without the necessary regulatory approvals.
Filipino users have reported that the web version of Binance is now inaccessible, although the mobile app remains functional as of writing. Despite this setback, Binance continues to provide services to its users globally.
Will these changes impact Filipinos’ trading experience on the platform?
