The Philippines’ Securities and Exchange Commission (SEC) has intensified its regulatory efforts against Binance, the globe’s leading cryptocurrency exchange, instructing Google and Apple to take down the app from their marketplaces. This comes after previous measures taken by the SEC regarding Binance in the Asian nation.
Binance Faces Escalating Legal Challenges
Based on a recent article in CNBC, the SEC is accusing Binance of breaking securities laws by selling unregistered securities to investors in the Philippines and functioning as an unregistered broker. The SEC fears that allowing Filipinos to continue using Binance’s websites and applications poses a risk to the safety of their investment funds.
According to SEC Chair Emilio Aquino, it’s crucial to shield the general public and the economy from the potentially damaging consequences of Binance’s suspected illicit actions.
Previously, the Philippine National Telecommunications Commission prevented Filipino residents from accessing Binance’s sites.
Additionally, the SEC had warned the Filipino people against utilizing the platform earlier on and had been pondering over restricting its services as early as November 2023.
Despite not having a regulatory license, Binance reportedly advertised its services on social media to draw investments from Filipino residents, according to the regulator’s assertion.
To minimize possible risks, the Securities and Exchange Commission (SEC) advises Filipino investors in Binance to quickly withdraw from their investments or move their cryptocurrencies to authorized digital wallets or local exchanges based in the Philippines.
Allegations Of Misconduct And Enforcement Actions
Binance is dealing with more difficulties following the recent regulatory move. In November 2023, the firm brought in Richard Teng as its new CEO, who previously led the Abu Dhabi Global Markets regulator in the UAE, after being penalized $4.3 billion by the US government for suspected money laundering offenses, with Changpeng Zhao (CZ) stepping down from his role.
Previously leading executive Changpeng Zhao admitted to Bank Secrecy Act infractions and will relinquish his position, facing sentencing on April 30th.
Binance is under investigation by both the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). They have accused Binance of improperly handling customer funds and running an unregistered and illegal exchange within the United States.
With Binance dealing with various legal issues, being taken down from the Google and Apple app markets in the Philippines is a major hurdle for the exchange. This development highlights the growing attention regulatory bodies are giving to the cryptocurrency sector as they strive to impose rules and safeguard investors globally.
In the face of increasing regulatory hurdles for the exchange, Binance’s own token, BNB, has shown robust market growth.
At present, the token is priced at $607. Over just the last seven days, it has seen a strong increase of 13%. This positive trend makes BNB a promising candidate to exceed its previous peak price of $686, which was hit back in May 2021.
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2024-04-24 00:12