Binance Promotion In The Philippines: Here's Why You Could Face Up To 21 Years In Prison | Bitcoinist.com

Bitcoinist
Bitcoinist

29 Nov 2023 10:00 PM

The Philippines SEC has taken steps to restrict access to Binance, the world's largest cryptocurrency exchange in terms of trading volume. ...

  • The Philippines Securities and Exchange Commission (SEC) has decided to block access to Binance, the world's largest cryptocurrency exchange, within the country.
  • The SEC cited Binance's lack of registration as a corporation in the Philippines and its failure to obtain the required license and authority to sell "securities" as the reasons for the access block.
  • The suspension will take effect within three months, allowing Filipino users to withdraw their investments from the exchange.
  • The SEC has also requested Google and Facebook's parent company, Meta, to ban Binance's online advertising in the Philippines to limit its reach and prevent further investment activity.
  • Binance has been conducting promotional campaigns on social media platforms to attract Filipino investors, despite not being registered with the SEC.
  • Individuals involved in sales, brokerage, promotion, recruitment, or endorsement of Binance in the Philippines may face criminal liability, with penalties including fines and imprisonment.
  • Concerns about Binance's operations in the country have grown following the guilty plea of its former CEO and the regulatory actions taken by the SEC.
  • Filipino investors are advised to be cautious while monitoring the developments surrounding Binance and the SEC's actions.
  • The price of BNB, Binance's native token, has declined by 1.8% within the last 24 hours and has been unable to stabilize above the $230 threshold due to recent developments, including the Binance settlement in the United States.

The sentiment of the article is negative towards Binance, as it highlights the SEC's decision to block access to the exchange and the potential criminal liability faced by individuals involved in promoting Binance in the Philippines. The concerns about Binance's operations in the country and the decline in the price of BNB also contribute to the negative sentiment.

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What action has the Philippines SEC taken regarding Binance?Why did the SEC decide to block access to Binance?What penalties may individuals face for promoting Binance in the Philippines?How has the price of BNB been affected by recent developments involving Binance?What advice is given to Filipino investors regarding Binance and the SEC's actions?

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