In November 2023, the SEC had warned Binance. The Commission had expressed its concerns about Binance operating in the Philippines without proper authorization at the time.

SEC Chairman Emilio B. Aquino, in his letter to the telecommunications agency, stated that Binance offered an “investment and trading platform without the required license.” The SEC highlighted the potential security risks that could arise if Filipinos were allowed access to such an unlicensed platform.

The letter also criticized the promotional campaigns Binance has been running through social media to attract Filipino investors. The SEC views these promotions as a regulatory violation, as Binance does not have the authority to solicit investments within the Philippines.

To enforce the ban, the SEC officially requested the national telecommunications agency on March 12th. This request asks for assistance in “blocking the website and other web pages used by Binance.”

The movement of the Philippines’ SEC sends a clear message to cryptocurrency exchanges operating within the country. Unlicensed platforms face the risk of being blocked and could potentially face legal consequences if they solicit investments without proper authorization.

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