The Securities and Exchange Commission (SEC) cautioned the public not to invest with the cryptocurrency exchange platform Binance as it was not registered to do business in the Philippines.
Based on its initial assessment, SEC said in a letter to Infrawatch PH dated August 2, 2022, “Binance is not a registered corporation or partnership.”
Binance does not possess the necessary authority and or license to solicit investments as only registered corporations can apply for and be issued the necessary licenses to solicit investments.Securities and Exchange Commision (SEC)
Gathered from the GMA News Online, the SEC also encouraged patrons of Binance to file a complaint for “violation of the provisions of the Securities Regulation Code, the Revised Corporation Code and other laws, rules and regulations being enforced by the Commission.”
From a comment made, Binance shared with GMA News Online it was aware of the SEC’s letter to Infrawatch PH.
Binance said that they encourage the growth of positive innovations such as blockchain yet look forward to having an open dialogue with the corporate regulator and any other industry participants that share their vision of financial inclusion and empowerment.
The crypto platform added that it was “fully aligned with the SEC’s mission to protect users and this is at the forefront of our operating principles.”
It was in June when Binance looked to acquire Virtual Asset Service Provider and Electronic Money Issuer licenses from the Philippines as it is in their plans to put investments in the country through the banks and payment service providers in order to provide localized services in the country.
Binance believes that the key to user protection is through regulation and developing regulatory frameworks that evolve with innovation. As a global blockchain infrastructure provider, Binance is constantly working with key stakeholders to invest in broader user education campaigns.Binance
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