A Philippine think group continues to push for the outlawing of Binance, this time alleging that the cryptocurrency exchange has been operating unlawfully there.
Infrawatch PH, a think tank in the Philippines, is continuing its campaign to get Binance banned there by requesting that additional regulators look into the cryptocurrency exchange’s suspected unlawful business practices.
On Monday, Infrawatch PH submitted a twelve-page complaint urging the Securities and Exchange Commission (SEC) of the Philippines to take action against Binance’s operations there.
The research group claims that Binance has been conducting business illegally in the Philippines for a number of years.
Infrawatch PH convenor Terry Ridon asserted that Binance does not have a presence in Manila and solely employs “third-party firms that employ Filipinos for its technical and customer support services.” He also made reference to Carlos Dominguez, a former finance secretary, who stated in the public last month that Binance has no records with the SEC or the Bangko Sentral ng Pilipinas (BSP).
Ridon said, “The SEC has served the public well by banning unscrupulous online lending services. It should similarly do the same for unregistered and unregulated cryptocurrency exchanges in the country.” In spite of being unregistered with the SEC, he said, Binance has been providing a variety of cryptocurrency products, including spot trading, margin trading, futures contracts, options, crypto loans, and peer-to-peer (P2P) trading, adding:
“We believe these products are in the nature of securities, which under SEC rules, may not be sold or offered for or distribution within the Philippines without a registration statement duly filed with and approved by the SEC.”
The announcement comes shortly after the Department of Trade and Industry (DTI) of the Philippines rejected a petition to outlaw Binance in early July, citing the BSP’s lack of regulatory clarity. Infrawatch PH originally brought complaints about Binance to the DTI, requesting that the agency look into the exchange’s use of illicit marketing.
The announcement comes as cryptocurrency trading activity in the Philippines has significantly increased. Weekly Bitcoin (BTC) trade volumes in Philippine pesos reached a record high in July on the significant P2P cryptocurrency exchange Paxful. Due to the introduction of crypto trading tools by businesses like PayMaya, the country’s general usage of cryptocurrencies has increased recently.
