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Н News

Philippines Securities Regulator Says Binance Is Operating Without a License

Crypto exchange Binance is not a registered corporation in the Philippines hence its activities in the country are not above board, the Asian country’s securities regulator has said. The regulator warned of a possible jail term for individuals found enabling Binance’s activities in the Philippines.

Licensed Overseas Organizations Still Need to Get Local Approval

According to the Philippines securities regulator, crypto exchange Binance is not a registered corporation and has been operating without the necessary license or authority. In an advisory issued on Nov. 28, the Asian country’s Securities and Exchange Commission (SEC) alleges that Binance has been “actively employing promotional campaigns” despite not having the requisite license.

Explaining why it has warned Filipinos against using Binance, the SEC said it is aware that some online crypto exchange platforms are in possession of licenses issued by overseas institutions. However, the regulator insists brokers and crypto exchanges still need to obtain licenses from it before selling or offering securities and investment products to the public.

To get the license, operators of crypto exchange platforms must submit an application for registration together with details on the issuance price, use of the proceeds as well as the nature of the securities. Also, they must be in possession of “a secondary license to sell offer securities to the public.”

Possible Jail Term for Offenders

The SEC claimed that since Binance has not submitted an application for registration it is therefore in violation of the relevant section of the Securities Regulation Code (SRC).

Meanwhile, in addition to advising against the use of Binance, the regulator revealed the penalties that offenders face.

“Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of the Binance platform in selling or convincing people to invest in this platform within the Philippines even through online means may be held criminally liable under Section 28 of the SRC and be penalized with a maximum fine of five million pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC,” the SEC said.

What are your thoughts on this story? Let us know what you think in the comments section below.

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  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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