SEC Declares Binance A ‘Threat’, Imposes Access Restrictions On Philippine Users
Summary
The Philippines SEC has blocked local access to Binance, citing the exchange's failure to obtain the necessary license. The SEC has requested the National Telecommunications Commission to assist in blocking Binance's website and related pages. Binance, with a substantial user base in the Philippines, has not obtained the required license to solicit investments or operate a securities exchange. The SEC has issued a public warning against investing in or using Binance's services. CommEX, which acquired Binance's Russia business, will shut down operations, with a series of steps leading to closure starting from March 25, 2024, and culminating in the delisting of its official website on May 10, 2024.
