The regulatory authorities in the Philippines are implementing measures to prevent local traders from accessing Binance.
The Philippines’ Securities and Exchange Commission (SEC) released a statement on Monday stating that it is working on blocking access to the world’s largest cryptocurrency exchange, as the platform does not possess the necessary license to operate within the country’s jurisdiction.
Two weeks ago, the agency requested the National Telecommunications Commission (NTC) to aid in blocking web pages associated with Binance.
According to the SEC’s statement, Binance has been actively using social media to promote its services and attract Filipinos to invest and trade, but the platform does not have the required license to solicit investments or operate a securities exchange.
The move by regulators in the Philippines to limit access to Binance does not come as a surprise.
