According to a Reuters report, the Philippines Securities and Exchange Commission (SEC) has taken steps to restrict access to Binance, the world’s largest cryptocurrency exchange in terms of trading volume.
Binance Faces Access Block In The Philippines
The SEC has announced its decision to block access to Binance within the Philippines. Per the report, the commission cited Binance’s lack of registration as a corporation in the country and its failure to obtain the required license and authority to sell “securities”.
The suspension is expected to take effect within three months of the SEC’s November 28 advisory. This extension is to allow Filipino users to withdraw their investments from the crypto exchange.
Notably, as part of its efforts to restrict the exchange’s operations, the SEC has reached out to Alphabet’s Google and Facebook’s parent company, Meta, asking them to ban Binance’s online advertising in the Philippines in an effort to limit the platform’s re
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