GRAM Price Jumps 9% as Telegram Expands Money Wallet 
Bitcoin Price Drops as US Dollar Hits 18-Month High 
South Korea Blocks 27 Crypto Exchange Websites in Regulatory Crackdown 
DeFi Development Adds 22,070 SOL to Solana Treasury 
Samsung, SK Hynix Shares Fall as China's CXMT Advances DRAM Technology 
Evernorth Nasdaq Listing Nears as XRP Price Falls 
PepsiCo Slashes Poppi Earnout Valuation as Growth Slows 
Samsung, SK Hynix Shares Plunge as China Chip Competition Grows 
XRP Holds Steady at $1.39 as Crypto Market Faces Heavy Liquidations 
Binance to Shut Down Crypto Mining Pool Services on November 10 
Syndax Stock Drops 15% After Axatilimab Trial Failure 
Bitcoin Rebounds to $82K as Trump Eases Iran War Fears 
Bumble Shares Surge 50% on $1 Billion Buyout Talks 
Solana Whale Moves $51M in SOL to Coinbase Amid Price Drop 
Add as a preferred source on Google
Binance has been blocked in the Philippines after the country’s Securities and Exchange Commission discovered it operates without a license. The regulator also said the crypto exchange has been promoting or trading without registration.
The Philippines SEC said that all organizations involved in Binance’s unregistered operations may get a 21-year prison sentence on top of the $90,000 in fines. The securities regulator reiterated that the Changpeng “CZ” Zhao-founded cryptocurrency exchange has no approval or proper license to carry out its business in the country.
SEC Informs Public About Unauthorized Binance Services
According to CoinTelegraph, the local SEC issued a warning to the public so they can avoid or discontinue using Binance’s services. The regulator informed the locals that the crypto firm is not authorized to sell or offer securities in the region.
The announcement also serves as a warning to Binance and makes it clear to the company that it is required to apply for registration before it can operate. The SEC emphasized that it must also supply detailed information about the securities it offers before selling them. It must include the class of securities, issuance price, and other pertinent details.
The Philippines’ Securities Regulation Code (SRC) added that Binance must also obtain a secondary license for selling securities to the public. “Based on the Commission’s database, the operator of the platform Binance is not registered as a corporation in the Philippines and operates without the necessary license and authority to sell or offer any form of securities as defined under Section 3.1 of the SRC,” the regulator said in its announcement.
Imminent Removal of Access
BSC News reported that the SEC indicated that it will cut access to Binance in the Philippines, and the removal is to be carried out within three months from the issuance of the advisory. The commission said the grace period was implemented to give users in the country enough time to withdraw their investments from Binance.
Photo by: Kanchanara/Unsplash
