Philippine regulators take steps to block Binance

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By Harper Lee

Asia • March 25, 2024, 2:08 p.m. EDT

Published 1 minute ago on

Philippine regulators are taking steps to block local traders’ access to Binance.

The Securities and Exchange Commission (SEC) of the Philippines said in a statement on Monday statement that it worked to obstruct access to the world’s largest crypto exchange by daily trading volumes because the platform does not have the required regulatory license to operate in its jurisdiction. Two weeks ago, the agency asked the National Telecommunications Commission (NTC) for help in blocking Binance-related web pages.

“The group has actively conducted promotional campaigns on social media to attract Filipinos to engage in investment and trading activities using its platforms,” but Binance “has not obtained information from [regulators] a license to solicit investments from the public, nor to establish or operate an exchange for the purchase and sale of securities,” the agency said in the statement.

The steps taken by Philippine regulators to restrict access to the trading platform are not really surprising. Last fall, the country’s SEC warned that it planned to block the platform because it had not obtained permission to offer investment products to the country’s residents.

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About the Author

Elizabeth Napolitano is a data journalist covering business and technology news, with a focus on cryptocurrencies. Before joining The Block, Elizabeth reported on BigTech, AI, crypto and gaming for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and the US courts. She holds a master’s degree in journalism from CUNY. Follow her on X: @LizKNapolitano

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