{"id":74378,"date":"2024-03-25T08:59:03","date_gmt":"2024-03-25T12:59:03","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=74378"},"modified":"2024-03-25T08:59:06","modified_gmt":"2024-03-25T12:59:06","slug":"philippines-regulators-to-ban-binance-crypto-exchange","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/philippines-regulators-to-ban-binance-crypto-exchange\/","title":{"rendered":"Philippines Regulators to Ban Binance Crypto Exchange"},"content":{"rendered":"\n

Philippines financial regulator is set to ban Binance, the largest cryptocurrency exchange in the world<\/a>, citing concerns over the company's unlicensed operations in the country with the ban taking effect within three months.<\/p>\n\n\n\n

\"Philippine
Philippines Regulators to Ban Binance Crypto Exchange<\/figcaption><\/figure>\n\n\n\n

SEC documents dated March 25 indicate that the nation's Securities and Exchange Commission (SEC) disclosed receiving support from the National Telecommunication Commission (NTC) to impede access to Binance's website and online trading platform.<\/p>\n\n\n\n

\n

\u201cThe SEC has identified the aforementioned platform and concluded that the public\u2019s continued access to these websites\/apps poses a threat to the security of the funds of investing Filipinos,\u201d <\/em>SEC Chairperson Emilio B. Aquino\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> said in the letter-request addressed to the NTC.<\/em><\/p>\n<\/blockquote>\n\n\n\n

In violation of the Securities Regulation Code, the financial oversight body of the Philippines asserts that Binance provides investment products, including leveraged trading services and cryptocurrency savings accounts, without the requisite licenses.<\/p>\n\n\n\n

The moratorium will go into effect within three months, the SEC says, to allow investors sufficient time to liquidate positions held via Binance. Additionally, the organization requested that Google and Meta prevent Binance-related advertisements for Filipino users from appearing on their platforms.<\/p>\n\n\n\n

The prohibition in the Philippines is the latest regulatory setback for Binance, which has been subject to heightened regulatory scrutiny on an international scale.<\/p>\n\n\n\n

In December, a U.S. court ordered Binance to pay the Commodity Futures Trading Commission <\/a>(CFTC) $2.7 billion and $150 million to its former CEO, Changpeng “CZ” Zhao.<\/p>\n\n\n\n

The settlement signified the resolution of an extended legal dispute involving Binance, which the CFTC initiated in March 2023 on charges of contravening federal regulations and operating an illegitimate derivatives marketplace.<\/p>\n\n\n\n

CZ consented to resign as CEO of Binance on November 21 by a broader settlement involving the CFTC, the U.S. Department of Justice, and the Treasury Department.<\/p>\n\n\n\n

Zhao entered a guilty plea on the same day on multiple civil complaints and one criminal charge, all on legislation against money laundering.<\/p>\n\n\n\n

Zhao continues to await sentencing in connection with accusations of money laundering. The date postponed his sentencing to April 30. He is at liberty under the terms of a release bond worth $175 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Philippines financial regulator is set to ban Binance, the largest cryptocurrency exchange in the world, citing concerns over the company’s unlicensed operations in the country with the ban taking effect within three months. SEC documents dated March 25 indicate that the nation’s Securities and Exchange Commission (SEC) disclosed receiving support from the National Telecommunication Commission […]<\/p>\n","protected":false},"author":12,"featured_media":74382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[5521,5580,10524],"class_list":["post-74378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance-2","tag-crypto-exchange-2","tag-phillippines"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/03\/image-105.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/74378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=74378"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/74378\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/74382"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=74378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=74378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=74378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}