The Philippines SEC (Securities and Exchange Commission) has announced that it will block access to Binance in the country. Yesterday, the SEC said that the platform does not have the necessary license to offer its services in the region.
Also Read: Binance Not Registered in Philippines, Could Face Charges: SEC
The SEC has requested Google and Meta to stop the exchange from running advertisements on social media platforms in the country. The regulator has also asked the National Telecommunications Commission and the Department of Information and Communications Technology to aid in blocking the platform.
Additionally, the Philippines SEC stated, ‘Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of Binance in selling or convincing people to invest in its platform within the Philippines, even through online means, may be held criminally liable.’
When will Binance halt its services in the Philippines?
As per the Philippines SEC, Binance has three months ‘to give Filipino investors who have holdings in Binance to close their positions and take out their investments.‘
Yesterday, the Philippine SEC said the platform could face criminal charges for offering its services without a license. Moreover, the exchange could face a five million Pesos ($92,282.03) fine or imprisonment of Twenty-One years or both.
Furthermore, global football superstar Cristiano Ronaldo, who has a multi-year partnership with Binance, has been sued for promoting the exchange. According to the plaintiffs, Ronaldo helped promote the ‘sale of unregistered securities.’
Also Read: Cristiano Ronaldo Sued for Promoting Binance
Binance’s troubles seem to take new turns every week. CEP Changpeng Zhao (CZ) pleaded guilty to anti-money laundering compliance charges. US authorities levied a $4.3 billion fine on the exchange as part of its settlement case. Moreover, as part of the deal, CZ had to step down as the firm’s head.