Philippines’ SEC Proceeds With Blocking Access to Binance (2024)

FAQs

Is the SEC proceeds with blocking Binance? ›

The SEC en banc in its March 12 meeting approved the filing of a formal request with the National Telecommunications Commission (NTC) for assistance in blocking the website and other web pages used by Binance.

The Philippines' National Telecommunications Commission has previously moved to block access to websites used by Binance in the country.

The telecommunications regulator issued the order upon receiving the Securities and Exchange Commission's (SEC) letter-request seeking the NTC's assistance in having Binance's website blocked. The SEC said that Binance offered an investment and trading platform without the necessary license from the Commission.

This is to inform the public that the online cryptocurrency exchange BINANCE is NOT AUTHORIZED TO SELL or OFFER SECURITIES to the public in the Philippines.

Binance will only lock an account in order to protect user funds and comply with international laws and regulations. In some cases, due to security reasons, an account can be locked, and the user might not be able to regain access.

Yes, you can use Binance in the US. But the American version of the platform (Binance.US) is quite limited compared to the international one. Also, Binance is entirely banned in several states, including New York, Texas, Louisiana, Hawaii, Idaho, and Vermont. For more details, check out this article.

Investors may get out of their crypto holdings on the Binance exchange when the ban takes effect in three months.

The SEC letter states that it's tried to have Binance acquire a license since 2023, and has warned the public it could block the crypto outfit's website since November of that year. Now it's pulled the trigger to block the platform completely.

Log in to your Binance account. Click on the [Wallet] button in the top right corner of the page. Select [Spot]. Click on the [Withdraw] button next to the cryptocurrency you want to withdraw.

Understanding the Significance of SEC Registration

The Securities and Exchange Commission (SEC) in the Philippines serves as the primary regulatory body for corporations and partnerships. Obtaining an SEC certificate is not just a legal obligation; it's a mark of credibility and trustworthiness in the business world.

How do I know if a company is SEC registered Philippines? ›

To request for more information about a company, users may contact the SEC Company Registration and Monitoring Department through phone at 8818-5554 or email at crmd_publicassistance@sec.gov.ph.

The short answer is yes, you can technically use a VPN to access Binance. There are no explicit restrictions against VPN usage in Binance's Terms of Service (ToS).

The SEC released its statement yesterday (23 April) ordering the removal of the Binance app on the Apple App Store and Google's Play Store after concluding that the tokens and digital assets circulating on the Binance violate securities regulations.

Crypto exchange Binance to shut down its buy-and-sell service Binance Connect, formerly known as Bifinity, just one year after its launch, the company said in a statement. The service will be disabled on Aug. 16 as the crypto exchange wants to refocus on its main products and long-term goals, according to Binance.

SEC actively investigates and takes legal action against fraudulent activities within the crypto space. In doing so, SEC enforcement aims to prevent fraud in the relatively new and often fraudulent cryptocurrency markets, acting as a deterrent against malicious activities and safeguarding investors.

Binance US uses Form 1099-MISC to report miscellaneous ordinary income to the IRS. The crypto-specific edition of the 1099-MISC is used to report the gross income of traders who receive cryptocurrency rewards or engage in staking.

According to the financial watchdog in the Philippines, Binance is in violation of the Securities Regulation Code since it provides investing products like crypto savings accounts and leveraged trading services without the necessary licenses.

Afterwards, the Economic and Financial Crimes Commission (EFCC) accused Binance of laundering more than $35m (£27.5m) through its platform. In a separate suit, Nigeria's tax authority alleged that the company had not registered for remittance purposes in Nigeria and was therefore guilty of tax evasion.

Once the buyer has completed the payment, the seller has to release the crypto within the release time. If the release time is up and the crypto isn't released, Binance customer service agents will follow up on the trade. You can check a user's Avg Release Time by clicking on their nickname and checking their profile.