{"id":202850,"date":"2023-11-29T15:20:45","date_gmt":"2023-11-29T09:50:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=202850"},"modified":"2023-11-29T15:20:45","modified_gmt":"2023-11-29T09:50:45","slug":"philippines-sec-reprimands-binance-for-operating-illegally-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/philippines-sec-reprimands-binance-for-operating-illegally-crypto-news\/","title":{"rendered":"Philippines SEC Reprimands Binance For Operating Illegally – Crypto News"},"content":{"rendered":"

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The Philippine Securities and Exchange Commission (SEC) uncovered crucial details about Crypto Exchange<\/a> Binance offering securities illegally within the country. Securities, including issuance price, must be registered with the SEC, and this applies to corporations or licensed dealers registered in the Philippines.<\/p>\n

This came directly after the US DoJ sued Binance<\/a> over Money Laundering charges where Binance CEO CZ pleaded guilty.<\/p>\n

<\/p>\n

Binance Unmasked: Unregistered and Unauthorized<\/strong><\/h2>\n

Shocking revelations from the SEC\u2019s database expose Binance as unregistered in the Philippines, operating without the required license to offer securities. Investors are strongly cautioned against engaging with such platforms.<\/p>\n

The SEC claims Binance is accessible via its website, Google Play store, and the Apple App Store. The platform asserts it operates a facility for trading financial instruments, offering various investment products, including cryptocurrency<\/a> spot trading with leverage and futures contracts.<\/p>\n

The SEC stresses the need for caution when considering investments in unregistered online platforms. Individuals promoting Binance within the Philippines could face criminal charges and hefty penalties under the Securities Regulation Code.<\/p>\n

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According to Section 73 of the SRC, violators face a maximum fine of Five Million Pesos (P 5,000,000.00), imprisonment for Twenty-One (21) years, or both. This harsh warning from the SEC emphasizes the potential legal ramifications of promoting or engaging with unregistered platforms.<\/p>\n

Also Read: <\/strong>Breaking: Binance Faces Troubles In Thailand After US DOJ $4.3 Billion Settlement<\/a><\/p>\n

SEC\u2019s Advisory for the Public<\/strong><\/h2>\n

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The SEC urges the public to heed its advisory titled \u201cAdvisory against Dealing with Non-Registered Foreign Entities, Organizations, and Corporations.\u201d Vigilance is crucial when dealing with investment platforms, especially those lacking proper registration and authorization.<\/p>\n

In the Philippines, despite the appearance of operators as registered brokers\/dealers overseas, the Securities Regulation Code imposes specific prerequisites before selling or offering securities and investment products to the public. These requirements include registration with the SEC, issuer credentials, and a secondary license.<\/p>\n

In light of these findings, the SEC emphasizes the importance of thorough due diligence. Engaging with unregistered platforms, like Binance, poses risks, and individuals promoting these platforms may face severe legal consequences.<\/p>\n

In addition, sports sensation Cristiano Ronaldo is being sued for promoting the swap. Ronaldo, according to the plaintiffs, promoted the marketing and sale of unregistered securities. Ronaldo signed a multi-year agreement with the exchange to market his own NFTS (Non-Fungible Tokens).<\/p>\n

Also Read:\u00a0<\/strong>Jack Dorsey Leads $6.2 Million Investment in Decentralized Bitcoin Mining Pool OCEAN<\/a><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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The Philippine Securities and Exchange Commission (SEC) uncovered crucial details about Crypto Exchange Binance offering securities illegally within the country. Securities, including issuance price, must be registered with the SEC, and this applies to corporations or licensed dealers registered in the Philippines. This came directly after the US DoJ sued Binance over Money Laundering charges […]<\/p>\n","protected":false},"author":2,"featured_media":202851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-202850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=202850"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202850\/revisions"}],"predecessor-version":[{"id":202853,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/202850\/revisions\/202853"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/202851"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=202850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=202850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=202850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}