Infrawatch PH filed a 12-page complaint on Monday with the Philippine Securities and Exchange Commission to crack down on Binance’s operations in an island nation in Southeast Asia. According to reports by this company, the largest cryptocurrency exchange in terms of daily trading volume has been operating illegally in the Philippines for several years, because it does not have permission from the relevant authorities.
- A Filipino think tank aims to have Binance’s activities in its country investigated by the SEC there
- The stock market, headed by Changpeng Zhao, allegedly does not have the consent of the relevant authorities to conduct its business in the Philippines
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Philippines SEC will test Binance for compliance
Think tank Infrawatch PH continues its efforts against the popular cryptocurrency exchange. In his opinion, it operates illegally in the Philippines. For this reason, on Monday, he filed a 12-page complaint with the SEC there to have the body look into the matter.
According to an independent advisory committee focused on major public infrastructure and development projects in the Philippines, Binance has been operating in the country for several years without approval from the relevant authorities.
Infrawatch PH manager Terry Ridon says the stock exchange created by Changpeng Zhao does not have an office in Manila and furthermore uses third-party companies that employ Filipinos to provide technical services and customer support. He also referred to a statement by former finance secretary Carlos Dominguez, who said in June this year that Binance has not been reported to the Philippine SEC or the Central Bank of the Philippines.
According to Terry Ridon, the local market oversight committee did the right thing by banning online lending services. In his opinion, it should do the same for unregistered and unregulated digital asset exchanges. The man also recalled that Binance offers Filipinos many types of crypto products, including spot trading, margin trading, futures, options, loans, and peer-to-peer (P2P) services.
According to the Philippine think tank, some of the products of the aforementioned exchange can be classified as securities that, under applicable law, cannot be sold or distributed in the Philippines without registration and approval by the SEC.
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Involvement in talks with regulators
At the beginning of July this year. The Philippines Department of Commerce and Industry rejected a proposal to ban Binance from operating due to lack of regulatory clarity from its central bank. Previously, Infrawatch PH asked this entity to investigate the platform in terms of illegal promotion.
The news of increased anti-attack measures at Binance came against the backdrop of an increase in cryptocurrency trading activity among Filipinos. In July this year. weekly trading volume in the Philippine peso hit a record high on the P2P Paxful exchange.
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