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Binance faces ban in Philippines – Crypto News

Published

2 years ago

March 26, 2024

Dripp

The Philippines Securities and Exchange Commission (SEC) has announced that it has started to block Binance’s online “presence.”

A formal request for the National Telecommunication Commission to block Binance’s website and associated pages was approved earlier this month.

The SEC said in a press release on Monday that the exchange’s online pages were found to have offered an investment and trading platform without the necessary license from the financial watchdog.

The SEC also alleged that Binance actively promoted its platform for investment and trading activities to locals.

Binance is the world’s largest crypto trading platform and had a 24-hour trading volume of US$27.4 billion on Monday.

Meanwhile, the exchange has announced that it will cease supporting USDC stablecoin transactions on the Tron network on April 5.

Binance’s decision follows an earlier decision from Circle, the issuer of the stablecoin, to end USDC support on the same network.

While this change will only affect USDC transactions on Tron and USDC trading on its exchange and other networks will not be impacted, Binance said.

Binance has advised its users to transfer their USDC holdings to a compatible blockchain before the deadline to avoid any inconvenience.

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