Binance Promotion In The Philippines: Here’s Why You Could Face Up To 21 Years In Prison
Summary
The Securities and Exchange Commission (SEC) of the Philippines plans to restrict access to Binance, a major cryptocurrency exchange, due to its lack of registration as a corporation in the country and failure to obtain the necessary licenses. The decision is expected to come into effect within three months and will allow Filipino investors to withdraw their investments beforehand. The SEC has also asked Google and Meta to ban Binance's online advertising in the country. Individuals who endorse Binance in the country could face substantial penalties, including a fine of up to 5 million pesos and a prison sentence of up to 21 years.
