Philippines Trading on Binance Could Face Criminal Charges: SEC Reveals

Binance, a cryptocurrency exchange, has reportedly been operating in the Philippines without getting the proper approval or a license, this was revealed by the country's Securities and Exchange Commission (SEC). On Nov. 28, they warned the public that Binance is not authorized to sell securities in the Philippines.

The SEC has made it clear that an exchange like Binance must register with them and provide information about the securities it offers before selling to the public. Details like issuance price and the nature of the securities must also be included.

Under the Philippines’ Securities Regulation Code (SRC), securities issuers must register their services in the country before offering investments. They also need to get a secondary license to sell securities. The SEC stated that Binance is not registered in the Philippines and lacks the necessary license.

The SEC further revealed that Binance has been illegally promoting its services in the Philippines. Those involved with Binance in terms of promoting or trading on the platform could face criminal charges under Section 28 of the SRC.

This offense can lead to a fine of up to 5 million Philippine pesos ($90,300), 21 years in prison, or both, as per Section 73 of the SRC.