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The Securities and Exchange Commission of the Philippines has reminded citizens that Binance is not permitted to operate or offer its services in the country, even though it is trying to.\u00a0<\/p>\n
\u201cBinance has been actively employing promotional campaigns on various social media platforms to attract and entice Filipinos to engage in investment and trading activities using its platforms,\u201d the Philippines SEC wrote in an advisory Tuesday.\u00a0<\/p>\n
Binance does not hold the required licenses to advertise and serve customers in the Philippines, the agency added. The Philippines SEC advised citizens to exercise caution when engaging and investing with unregistered entities.\u00a0<\/p>\n
\u201cThose who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers and enablers of the Binance<\/a> platform in selling or convincing people to invest in this platform within the Philippines even through online means may be held criminally liable,\u201d the notice said.\u00a0<\/p>\n The news comes days after the US Department of Treasury announced a settlement with the exchange for a historic $4.3 billion<\/a>. In an unsealed indictment made public<\/a> last week, the US government accused Binance and CEO Changpeng Zhao of violating anti-money laundering laws, and sanctions laws.\u00a0<\/p>\n Read more:<\/strong> Here are the details of Binance and Changpeng Zhao\u2019s plea deal<\/a><\/p>\n \u201cDefendants chose not to comply with US legal and regulatory requirements because it determined that doing so would limit its ability to attract and maintain US users,\u201d the DOJ<\/a> claimed.\u00a0<\/p>\n