The SEC said that Binance had been illegally advertising its services in the nation.
Securities issuers must also be registered in the Philippines before they offer products.
The Philippines SEC has reported that crypto exchange Binance has been operating illegally in the country. On November 28, the Securities and Exchange Commission (SEC) of the Philippines warned the public that Binance does not have the necessary authorization to sell or offer securities in the nation.
In order to sell assets to the public, an exchange has to file for registration and provide extensive details about them, according to the release. The issue price, security type, and other details are all part of this precise data.
Trouble Continues for Binance
Securities issuers must also be registered in the Philippines before their products may be offered for investment, according to the Securities Regulation Code (SRC). According to the statement, in order for the issuer to sell or offer securities to the public
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