The list of financial regulatory commissions claiming that Binance operates in their jurisdiction without official permission has expanded again. The Securities and Exchange Commission Philippines (SEC) recently issued a warning regarding the exchange's operations, cautioning that entities involved in promoting Binance could face up to 21 years of imprisonment.
Philippines Warns against Unregulated Activities of Binance
The local market regulator asserted that Binance "has been actively employing promotional campaigns on various social media platforms," encouraging Philippines residents to open trading accounts and conduct transactions through theexchange. However, Binance does not have official permission or a license issued by the Philippines supervisory authority that would allow such activities.
"Binance is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form of securities," the warning from the SEC stated.
The institution reminds retail investors not to engage in activities with unregulated firms. Simultaneously, it warns sellers, agents, promoters, and influencers that encouraging individual investors to open accounts on unregulated platforms risks a maximum prison sentence of 21 years and a fine of up to $90,000.
Binance on Regulators' Warning Lists Worldwide
Binance has been facing regulatory issues in various parts of the world, including France, the UK, Singapore, and Nigeria, since last year. For instance, Nigeria’s Securities and Exchange Commission reiterated its warning against Binance, highlighting that the platform has been "soliciting the Nigerian public to trade crypto assets."
France began an investigation in the middle of this year into the "illegal activities" of the exchange in the country. Meanwhile, Binance has continuously been on the warning lists in Singapore and the United Kingdom since 2021.
Currently, Binance's most significant problem is the operations in the USA and themultibillion-dollar settlements it agreed to pay in that market. Binance officially left the United States, and the exchange's former director, Changpeng Zhao, had to resign from his position.
This article was written by Damian Chmiel at www.financemagnates.com.
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