The Philippine Public Policy Center called on regulators to investigate the operation of the world’s largest crypto exchange after the refusal of a request to ban Binance from the local Department of Commerce (DTI).
Philippine Public Policy Center Infrawatch PH urged the Philippine Securities and Exchange Commission (SEC) to take action on Binance’s operations as it has been operating without regulatory approval for several years.
Infrawatch PH chief Terry Ridon said that Binance does not have an office in Manila and only uses “third-party companies that hire Filipinos for technical services and customer support.” In the statement, Rydon referred to former Treasury Secretary Carlos Dominguez, who publicly told Binance that the company has no records with either the SEC or the Central Bank of the Philippines Bangko Sentral ng Pilipinas (BSP).
“The SEC has served the public well by banning unscrupulous online lending services. Similarly, the commission should deal with unregistered and unregulated cryptocurrency exchanges in the country,” Ridon said.
He added that Binance offers many types of crypto products, including spot trading, futures contracts, options, crypto loans, and peer-to-peer (P2P) trading – despite not being registered with the SEC.
“We believe that these products are in the nature of securities that, under SEC rules, may not be sold, offered, or distributed in the Philippines without a registration application duly filed and approved by the SEC.”
In June, Binance CEO Changpeng Zhao stated that Binance hopes to obtain two licenses soon, an electronic money issuer (EMI) and a virtual asset service provider (VASP). Already in July, the Infrawatch PH Public Policy Center sent a letter to the Philippine Department of Trade and Industry with a request to initiate an investigation into the illegal marketing campaigns of the Binance crypto exchange.
Source: Bits
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