The Philippines Securities and Exchange Commission has warned the public against Binance, saying that the crypto exchange is not registered in the country and operates without the necessary license or authority.
Binance has been actively promoting its platform on social media websites to attract Filipinos for investment and trading, the SEC said Tuesday, adding that it is not authorized to do so without required licenses.
The SEC further warned that individuals promoting Binance within the Philippines may face criminal liability under the Securities Regulation Code. They may be penalized with a maximum fine of five million pesos (around $90,260) or imprisonment of 21 years or both, the SEC added.
“We acknowledge and respect the statement made by the Securities and Exchange Commission (SEC) of the Philippines,” a Binance spokesperson told The Block. “At Binance, we are committed to aligning with applicable local regulations. Under our new leadership, we have taken proactive steps to address the SEC’s concerns.” Binance spokesperson said Stern left the company in July, much before the SEC warning.