Binance continues to be “difficult” in the Philippines market

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2022-07-27 01:05:40

Philippine non-profit consulting organization Infrawatch PH has not given up its “determination” to ban Binance by asking more regulators to investigate the crypto exchange for illegal activities.

Binance continues to be “difficult” in the Philippines market

Specifically earlier this week, Infrawatch PH has file a 12-page complaint called on the Securities and Exchange Commission of the Philippines (SEC) to crack down on Binance’s activities in the country. According to Infrawatch PH, Binance has been operating in the Philippines for the past few years without the approval of the authorities.

Terry Ridon, who represents Infrawatch PH, stated that Binance has no office in Manila and is only associated with third-party companies that employ Filipinos for their technical and customer support services. .

Terry Ridon also said that the SEC has served citizens well by banning illegal online lending services. Therefore, the agency will do the same for unregistered and unregulated cryptocurrency exchanges in the country.

In addition, he further confirmed that Binance has been offering a wide range of crypto products, including spot trading, margin trading, futures, options, crypto lending and peer-to-peer (P2P) trading. ), although not yet registered with the SEC.

“We believe that these products are securities in nature that, under SEC rules, may not be sold or offered or distributed within a country without a properly filed and approved registration by SEC.”

The news comes shortly after the Philippine Department of Commerce and Industry (DTI) rejected a proposal to ban Binance by the end of June 2022, citing the Bank of the Philippines (BSP) lack of regulatory clarity. On the other hand, this is also the result of Binance’s remarkable efforts to obtain a legal license to operate in the Philippines. It is worth noting that Infrawatch PH had previously persuaded DTI to turn away from “attacking” Binance.

Also, considering the current operating landscape, crypto trading in the Philippines is really on the rise. During July 2022, weekly Bitcoin (BTC) trading volume in Philippine pesos reached a historic high on the P2P exchange Paxful. Overall crypto adoption and adoption has also steadily increased in the country in recent years.

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