The Philippines' SEC has moved to block Binance, citing the cryptocurrency giant's operation without a necessary license as risking investor security in the country.

Philippines' SEC Seeks NTC Help to Block Binance for Operating Without License
In its March 12 meeting, the Commission En Banc approved the filing of a formal request with the National Telecommunications Commission (NTC) for assistance in blocking the website and other web pages used by Binance, which was discovered to have offered an investment and trading platform without the required SEC license, per Manilla Bulletin latest report.

The SEC has identified the platform above and concluded that the public's continued access to these websites/apps endangers the security of Filipino investors' funds," SEC Chairperson Emilio B. Aquino stated in the letter-request addressed to the NTC.

Binance defines itself as a financial instrument trading facility providing investment products such as leveraged spot trading, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, and an initial coin offering platform.

According to Rappler, Binance, billed as the world's largest cryptocurrency website, currently has an average daily trading volume of $65 billion across more than 402 cryptocurrencies, with over 183 million members, according to its website.

The group has been using social media promotional campaigns to encourage Filipinos to invest and trade on its platforms. An app version is also available on Google Play and Apple App Store.

Regulatory Action Against Unauthorized Platforms: SEC's Efforts to Protect Investors

However, the SEC stated that Binance had not obtained a license from the SEC to solicit public investments or establish or operate an exchange for buying and selling securities, as required by the Securities Regulation Code (SRC).

The SEC warned the public not to invest in or use Binance and began investigating the possibility of blocking its website and other online presence in the Philippines as early as November 2023.

Given the size and volume of Binance's operations, the SEC they were ensured that investors had enough time to exit the platform and reposition their portfolio in favor of authorized investment products and platforms.

The SEC has been actively working with the NTC to block websites that illegally offer investments in the country.

At the Commission's request in February, the NTC ordered all internet service providers to block OctaFX and MiTrade's websites and apps.