The Philippines Securities and Exchange Commission (SEC) has taken a significant regulatory step by blocking local access to Binance, the world’s largest cryptocurrency exchange by trading volume.
According to a release issued by the regulator on Monday, the SEC’s decision was based on Binance’s failure to obtain the necessary license from the commission to operate as an investment and trading platform.
Binance’s Website And Services Blocked
In its March 12 meeting, the SEC approved filing a formal request with the National Telecommunications Commission (NTC) to assist in blocking Binance’s website and related web pages.
The SEC said Binance was offering investment and trading services without the required license and allegedly posed a “threat” to the safety of Filipino investors’ funds. SEC Chairman Emilio Aquino emphasized the importance of protecting the interests of investors in the request sent to the NTC. Aquino states:
The SEC has identified
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