{"id":203001,"date":"2023-11-29T20:18:52","date_gmt":"2023-11-29T14:48:52","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203001"},"modified":"2023-11-29T20:18:52","modified_gmt":"2023-11-29T14:48:52","slug":"philippines-sec-says-binance-operates-without-the-necessary-license-in-its-jurisdiction-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/philippines-sec-says-binance-operates-without-the-necessary-license-in-its-jurisdiction-crypto-news\/","title":{"rendered":"Philippines SEC says Binance operates without the ‘necessary license’ in its jurisdiction – Crypto News"},"content":{"rendered":"
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The Philippines Securities and Exchange Commission (SEC) issued a cautionary advisory regarding Binance\u2019s<\/a> operations within the country, according to a Nov. 28 update<\/a>.<\/p>\n

The regulator stated:<\/p>\n

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\u201cBinance is not registered as a corporation in the Philippines and operates without the necessary license and\/or authority.\u201d<\/p>\n<\/blockquote>\n

While acknowledging Binance\u2019s registration in other countries, the regulatory body said the firm is not registered in the Philippines and has not fulfilled the requirements for platforms intending to offer securities under its jurisdiction.<\/p>\n

Alongside the warning, the SEC outlined potential penalties for individuals or entities promoting Binance within the country. They could face up to 21 years of imprisonment and fines reaching 5,000,000 Pesos (approximately $90,000).<\/p>\n

The regulator concluded that Filipinos must exercise caution before investing in any exchange\u2019s offerings.<\/p>\n

Binance regulatory issues<\/h2>\n

During the past year, Binance has faced increased regulatory across multiple jurisdictions, including the United States, the U.K.<\/a>, Nigeria, and several European countries.<\/p>\n

In the U.S., several federal agencies, including the U.S. Department of Justice and the \u00a0Commodity Futures Trading Commission (CFTC), recently reached a $4 billion settlement with the exchange. Besides that, the firm\u2019s founder, Changpeng \u2018CZ\u2019 Zhao<\/a>, resigned as CEO after\u00a0pleading guilty<\/a>\u00a0to money laundering charges.<\/p>\n

The U.S. Securities and Exchange Commission (SEC) has also filed legal actions against the cryptocurrency exchange.<\/p>\n

On the other side of the Atlantic, BInance has exited<\/a> from several European jurisdictions like Germany, the Netherlands, Austria, and Cyprus. The firm has also had to close shop in the U.K.<\/p>\n

Simultaneously, some Binance users have initiated a class-action lawsuit against Cristiano Ronaldo for endorsing the exchange. These users alleged that Ronaldo\u2019s promotion of the firm caused them financial losses.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Philippines Securities and Exchange Commission (SEC) issued a cautionary advisory regarding Binance\u2019s operations within the country, according to a Nov. 28 update. The regulator stated: \u201cBinance is not registered as a corporation in the Philippines and operates without the necessary license and\/or authority.\u201d While acknowledging Binance\u2019s registration in other countries, the regulatory body said […]<\/p>\n","protected":false},"author":2,"featured_media":203002,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-203001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203001","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=203001"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203001\/revisions"}],"predecessor-version":[{"id":203003,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203001\/revisions\/203003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/203002"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}