SEC Philippines to investigate Binance over alleged illegal operations
A think tank in the Philippines doesn’t give up on efforts to ban Binance, now claiming that the crypto exchange has been operating illegally in the country. Philippines’ think tank Infrawatch PH continues efforts to ban Binance in the country by asking more regulators to investigate the cryptocurrency exchange over alleged illegal operations.Infrawatch PH on Monday filed a twelve-page complaint calling on the Philippines’ Securities and Exchange Commission (SEC) to crack down on Binance’s activities in the Philippines.According to the think tank, Binance has been operating in the....
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Binance responded to the letter saying that they take compliance seriously and are looking to secure licenses in the country. Local think tank Infrawatch PH has sent a letter to the Philippines' Department of Trade and Industry (DTI), urging the government agency to launch an investigation against crypto exchange Binance for promotions without permits. The letter alleged that the crypto exchange has been targeting Filipino consumers with unregistered promotions that are being casually posted on social media platforms. Terry Ridon, the Convenor for Infrawatch PH, said that Binance....
There’s a mining contract scheme people are discussing and making the rounds on the web called “Mining City” or “Bitcoin Vault.” The Philippines SEC recently put out a warning against the operation and the alleged masterminds behind the project. One thing is for sure, there’s been a number of crypto Ponzi operations over the years, and they typically attract a lot of users before they crumble. However, as the story goes with any pyramid scheme when the project crashes, only the top leaders make off with all the money. One particular pyramid scheme called....
The exchange platform is looking to get virtual assets service provider and e-money issuer licenses from the Banko Sentral ng Pilipinas. Changpeng Zhao, the CEO of crypto trading platform Binance, shared plans to acquire two licenses that are critical for the firm's operations within the Philippines.In a press briefing in Manila, the Binance CEO mentioned that the exchange is looking to obtain the virtual assets service provider license, which allows the platform to legally facilitate the exchange of digital assets and the conversion of crypto to the Philippine peso. Apart from the VASP,....
The archipelagic country of the the Philippines is exploring blockchain use cases across different industry verticals. Binance, the cryptocurrency exchange, has recently acquired a virtual asset service provider (VASP) license from the Bank of Spain in order to operate in the country. In its ambitious expansion plans that the cryptocurrency exchange is persisting despite the global jump and market slump in the cryptoverse, there is another country that Binance is looking toward — the Philippines.In June, the CEO of Binance, Changpeng Zhao, stated in a press briefing in Manila that the....
The Philippine Department of Trade and Industry waved off a Binance ban proposal, citing a lack of regulatory stance on cryptocurrencies from the central bank. A proposal to ban global cryptocurrency exchange Binance from operating in the Philippines will not gather steam due to a lack of regulations towards cryptocurrencies in the country.The Philippines’ Department of Trade and Industry (DTI) has cited no clear guidelines set out by the country’s central bank, Banko Sentral ng Pilipinas (BSP), as a dead-stop after a lobbying group called for the prohibition of Binance in early July.Local....