Has the Binance-Philippines saga reached a dead end?

Sahana Kiran
Source – Unsplash

Expansion has been on the cards for Binance. The largest crypto exchange in the world has been veering into several markets despite the shadow cast on the industry by the bears. On a similar adventure, the exchange set out to the Philippines.

However, things did not go as planned for the exchange. Now, the Philippines Securities and Exchange Commission [SEC] was seen urging the public to stay away from the CZ-led exchange.

In a recent letter sent to Infrwatch PH, Oliver Leonardo the Director of the SEC asked the public to abstain from pouring their funds into Binance. The fact that the exchange did not possess a license in the region, seemed to be their concern.

Additionally, the public was urged to come forward and file complaints against the exchange in case of any issue that they encountered. Binance was been called out for infringement of the Securities Regulation Code and the Revised Corporation Code. The letter further read,

“Consequently, it does not possess the necessary authority and or license to solicit investments as only registered corporations can apply for and be issued the necessary licenses to solicit investments.”

Infrawatch and its vengeance against Binance

Binance did not garner a warm welcome in the Philippines. Back when the idea of the exchange traversing to the country surfaced, a lobbying group urged for the prohibition of the platform. Infrawatch PH went on to advise the Philippines’ Department of Trade and Industry [DTI] to probe the platform. Following this, the DTI affirmed that there wasn’t a need to ban the platform.

This was further followed by a twelve-page complaint against the firm. Infrawatch PH protested that Binance had been operating illegally in the region for several years. The complaint pointed out that the exchange had no office in the region and employed third-party companies.

Former finance secretary Carlos Dominguez also affirmed that Binance did not entail records with the SEC or the central bank of the region.

Things seemed to have worked out in the favor of Infrawatch PH following the SEC’s latest declaration.

Additionally, Binance seemed to know about the SEC’s letter and hopes to have “an open dialogue with the SEC and any other industry participants that share our vision of financial inclusion and empowerment.”