The Philippines is on the list of countries in the Asia-Pacific region leading in terms of the adoption of cryptocurrencies. However, the authorities react negatively to this trend.
The Philippine Securities and Exchange Commission has issued an appeal to citizens not to use the services of the Binance platform.
The head of the SEC, Oliver Leonardo, recalled that the activities of this trading platform are not regulated by the authorities.
The official stressed: "Binance does not have the necessary authority and license to serve investors. Only registered companies receive the necessary licenses to work with investors."
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The press service of the SEC noted that Binance violates all major laws, including those that regulate the securities market and the corporate code.
The regulator is ready to sue the trading platform if Filipino Binance users suffer losses.
In June, the leadership of the crypto company expressed its readiness to register in the Philippines as a virtual service provider. However, the country's authorities, represented by the Central Bank and the Ministry of Industry and Trade, opposed the exchange serving local traders.