Global: Philippines’ SEC Initiates Measures to Restrict Access to Binance, World’s Largest Crypto Exchange

The Philippines’ Securities and Exchange Commission (SEC) has commenced the process of blocking access to Binance, the world’s largest cryptocurrency exchange. The move comes in the wake of the recent resignation of Binance’s CEO, who pleaded guilty to violating U.S. anti-money laundering laws.

According to the SEC, Binance’s operator is not a registered corporation in the Philippines and lacks the necessary license and authority to sell or offer any form of securities. To implement the restriction, the SEC issued an advisory on November 28, allowing a three-month grace period for Filipino users to withdraw their investments from the crypto exchange.

In its statement, the SEC has urged tech giants Alphabet’s Google and Facebook’s Meta to ban online advertisements from Binance in the Philippines. Additionally, a warning has been issued to individuals involved in selling or encouraging investments on the platform, cautioning them that they may face criminal liability.

Changpeng Zhao, the former CEO of Binance, stepped down last week after pleading guilty to deliberately causing the exchange to fail in maintaining an effective anti-money laundering program.