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The Binance logo is displayed on a screen on June 6, 2023 in San Anselmo, California. Justin Sullivan, Getty Images/AFP

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Binance

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<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/171135806543920231130-binance.jpg" style="width:960px" class="fr-fic fr-dib" alt="The Binance logo is displayed on a screen on June 6, 2023 in San Anselmo, California. Justin Sullivan, Getty Images/AFP "/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(89, 89, 89);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(243, 246, 247);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">The Binance logo is displayed on a screen on June 6, 2023 in San Anselmo, California. </span><em style="color:rgb(149, 149, 149);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Justin Sullivan, Getty Images/AFP</em> </span></span></span></div><p>MANILA -- The Philippine Securities and Exchange Commission (SEC) has asked the National Telecommunications Commission (NTC) to block the website and other pages of cryptocurrency giant Binance.</p><p>The crypto trading platform is not registered in the Philippines and is <span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">therefore not authorized to sell or offer securities in the country, the regulator said.</span></p><p>“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” said SEC Chairperson Emilio Aquino. </p><p>In November, the securities regulator already said that it would move to <span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">block access to Binance as part of a crackdown on online trading platforms operating in the country without licenses.</span> </p><div><a href="https://news.abs-cbn.com/business/11/30/23/philippines-to-block-access-to-crypto-giant-binance" rel="noopener noreferrer" target="_blank">Philippines to block access to crypto giant Binance</a></div><p>The SEC, however, said that Filipinos who have invested in Binance will have enough time to exit the platform and reposition their portfolio.</p><div><a href="https://news.abs-cbn.com/business/2024/2/20/investing-in-crypto-read-this-first-611" rel="noopener noreferrer" target="_blank">Investing in crypto? Read this first</a></div><p>On its website, Binance describes itself as the world&#x27;s biggest crypto trading platform, with about 169 million users trading over 350 cryptocurrencies. </p><p>In late 2023, <span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">former Binance chief executive Changpeng Zhao resigned his post after he and the company pleaded guilty to sweeping US money laundering violations and agreed to fines of more than $4 billion.</span> </p><p>Aside from Binance, the SEC has also asked the NTC to block the website and app of <span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">unlicensed investment platform MiTrade.</span></p><div><span id="isPasted"><a href="https://news.abs-cbn.com/business/2024/3/7/ntc-blocks-website-app-of-investment-platform-mitrade-907" rel="noopener noreferrer" target="_blank">NTC blocks website, app of investment platform MiTrade</a></span></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/rX_Hx6tQ7xA?&amp;ab_channel=ANC24%2F7autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The SEC has asked the NTC to block the website and other pages of cryptocurrency giant Binance.</p>

The SEC has asked the NTC to block the website and other pages of cryptocurrency giant Binance.

Philippines blocks crypto giant Binance

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Philippines blocks crypto giant Binance

ABS-CBN News

Published Mar 25, 2024 05:32 PM PHT

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Updated Jun 10, 2024 01:14 PM PHT

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Binance

cryptocurrency

SEC

unlicensed trading

Changpeng Zhao

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