Binance, a big name in the world of digital money, is facing problems in the Philippines. The country’s Securities and Exchange Commission (SEC) has started steps to block access to Binance. This is because the Crypto exchange was working in the Philippines without the right legal papers.
What Did the Philippines SEC Say?
The SEC in the Philippines said that Binance didn’t have the necessary license to sell or offer any securities in the country. They pointed out that Binance should have registered and given full details about what they offer before making them available to people. This includes how much these securities cost and what they are.
Legal Issues and Penalties
The SEC also said that Binance was wrongly promoting its services in the Philippines. If someone is involved in promoting or trading on Binance, they could be in legal trouble. This could mean a big fine of up to 5 million Philippine pesos (about $90,300), or even up to 21 years in jail, or both.
Binance’s Response and Actions
Despite these warnings, It is still popular in the Philippines. People there have said good things about its services. But, the SEC plans to restrict access to Binance’s website and apps in the Philippines soon. This will give local users time to take out their money.
The Crypto exchange has responded by saying they want to follow local rules. They’ve made changes under new leadership to address the SEC’s concerns. This follows a recent issue where Binance had to pay a big fine in the U.S. for not following certain rules.
Conclusion
So, Binance is in a tough spot in the Philippines. They need to fix their legal issues and make sure they follow the country’s rules. This situation shows how important it is for such companies to work within the legal framework of the countries they operate in.
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