THE days of cryptocurrency giant Binance are numbered, at least in the Philippines, as the Securities and Exchange Commission (SEC) has moved to block the trading platform's online presence in the country.
The SEC en banc has approved the filing of a formal request with the National Telecommunications Commission (NTC) to assist in blocking Binance's websites and webpages due to unauthorized investment activities.
"The SEC has identified the aforementioned platform and concluded that the public's continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos," SEC Chairman Emilio Aquino told the NTC.
Binance, the world's largest cryptocurrency platform, currently has an average daily trading volume of $65 billion (approximately P3.7 trillion) covering over 400 cryptocurrencies, with more than 183 million members.
The platform was found to be actively using promotional campaigns on social media to entice Filipinos into investment and trading activities, the SEC said, adding that an app version was also downloadable on Google and Apple app stores.
The agency reiterated that Binance did not have a license, mandated by the Securities Regulation Code, to solicit investments from the public and engage in buying and selling securities.
The SEC issued an advisory against the cryptocurrency giant in November and also requested Google and Meta, the operator of Facebook, to prohibit Binance-related online advertisements from appearing to users in the country.
"Considering the size and volume of Binance's operations... the SEC ensured that the investing public would have enough time to exit the platform and reposition their portfolio in favor of authorized investment products and platforms," the regulator said.
Last month, the NTC ordered all internet service providers to block the websites and apps of trading platforms OctaFX and MiTrade upon the commission's request.
Aquino assured the public that the regulator would continue working closely with the NTC to "take similar actions on other platforms facilitating illegal investment-taking activities and other predatory financial schemes."
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