Philippines Imposes Access Block on Binance: What's Next?

• Philippines SEC to Block Binance Access
• Binance Facing Potential Charges
• Implications for Binance Promoters
• Binance's Deadline for Filipino Investors
• Potential Consequences for Binance
• Ronaldo Faces Lawsuit for Promoting Binance
• Further Troubles for Binance

Philippines SEC to Block Binance Access

The Securities and Exchange Commission (SEC) of the Philippines recently announced its intention to block access to Binance, a leading cryptocurrency exchange platform. Citing the exchange's lack of necessary regional licenses, the SEC made this position clear yesterday.

Binance Facing Potential Charges

The SEC also reached out to Google and Meta, requesting that the exchange is stopped from posting advertisements on social media platforms in the country. Assistance in blocking the platform has also been reqested from the National Telecommunications Commission and the Department of Information and Communications Technology.

Implications for Binance Promoters

A stern warning was also issued by the SEC to individuals acting on behalf of Binance in various capacities in the country. Individuals who are acting as salesmen, brokers, dealers, agents, representatives, promoters, recruiters, influencers, endorsers, and enablers may be held criminally liable if they continue to sell or convince people to invest in Binance within the Philippines, even via online platforms.

Binance's Deadline for Filipino Investors

Binance has been given a window of three months by the SEC to allow Filipino investors to close their positions and withdraw their investments. This move comes in response to the anticipated halt of Binance's services in the country.

Potential Consequences for Binance

The platform could face serious consequences in the form of criminal charges if it continues to offer its services without a license. These penalties could include a fine of five million Pesos (equivalent to $92,282.03) or imprisonment of up to twenty-one years, or both.

Ronaldo Faces Lawsuit for Promoting Binance

Adding to Binance's troubles, global football superstar Cristiano Ronaldo, who maintains a multi-year partnership with the exchange, has been sued for promoting the platform. Plaintiffs allege that Ronaldo aided in promoting the sale of unregistered securities.

Further Troubles for Binance

The issues for Binance continue to grow, as CEO Changpeng Zhao (CZ) has admitted to anti-money laundering compliance charges. In addition, US authorities have levied a fine of $4.3 billion on the exchange as part of a settlement case. As a result, CZ has been forced to step down from his position as the head of the firm.

Edited by Jonathan Stoker