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Philippine authorities: Binance is operating illegally

Binance is not registered as a company in the Philippines and does not have the necessary licenses to operate. This is stated in special notice local Securities and Exchange Commission.

The agency threatened employees of organizations involved in promoting or trading on the platform with up to 21 years in prison and a fine of PHP 5 million (~$90,300).

According to the document, an organization like Binance must file a registration application and provide details of the securities being offered before selling them to the public. The latter includes the issue price, the nature of the assets and other data.

Local investors against the backdrop of American claims SEC Binance did not rule out that similar requirements may arise from the local regulator.

“If the platform loses in this case [против агентства]all its operations in most countries including the Philippines will collapse like a house of cards, so if I were you I would trade on BSP regulated exchanges like PDax and Coins.ph,” one Reddit user commented.

In June 2022, former Binance CEO Changpeng Zhao shared plans to obtain a license in the Philippines.

Recently, the company’s new CEO, Richard Teng, promised to transform the crypto exchange by introducing a traditional corporate structure and information disclosure.

Amid a conflict with American regulators, the platform’s market share has declined for eight months in a row. As of the end of October, it stood at 51.2%, according to 0xScope.

Source: Cryptocurrency

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