RAMON ROYANDOYAN, Nikkei staff writer | Philippines
MANILA -- The Philippines securities regulator said Wednesday it was moving to block accessto embattled cryptocurrency giant Binance, just a week after its top executive stepped down and pleadedguilty in a U.S. money-laundering case.
The ban is the latestblow for the world's biggest crypto exchange, which hopes toexpand in Southeast Asia amid its U.S legal woes and a ban on doing business in China.
The Philippine watchdog issued a warning to the public last year against using Binance. Its broader move to ban the platform is "a result" of a long-standing campaign against unlicensed cryptocurrency operators, said Terry Ridon, head of Manila-based think tank Infrawatch PH.
The world's biggest cryptocurrency exchange, Binance, will have its access to the Philippines blocked by the nation's financial authority due to worries about the firm's unauthorized activities in the country.
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Binance is the largest cryptocurrency exchange by daily trading volume. It offers crypto trading services for investors in several Asian countries including the Philippines.
The SEC on March 25 announced it has decided to proceed with the banning of Binance for not securing license to create or operate an exchange for buying and selling of securities—a violation of the Securities Regulation Code.
Binance has been found lacking in this regard, as it is not registered as a corporation in the Philippines and lacks the necessary license and authority to offer securities as defined by the SRC. Furthermore, the SEC accused Binance of illicitly promoting its services in the Philippines.
In the Philippines, cryptocurrency transactions are legal; however, crypto coins are not considered 'legal tender' as they are not issued by the BSP. In 2021, the Central Bank released the Guidelines for VASPs.
(UnionBank) is one of the largest and most reputable universal banks in the country. It offers a wide range of financial products and services, including being a pioneering local bank with interests in the Philippine crypto space.
Based on the payment method, cryptocurrency type, transaction size, and platform, this crypto exchange charges a fee of 0.5% to 4.5%. Coinbase offers several features, including a large selection of crypto, a low minimum account balance, and an intuitive user interface.
Crypto is once again big in the Philippines. It first took off during COVID-19 lockdowns in 2021 with a now-defunct video game called Axie Infinity, where players earned money — often more than minimum wage — through non-fungible tokens, or NFTs.
MANILA, Philippines — The Securities and Exchange Commission (SEC) will proceed with blocking the website of cryptocurrency giant Binance, saying that it posed a threat to the security of the funds of Filipinos.
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