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The Philippines Securities and Exchange Commission (SEC) has taken a significant regulatory step by blocking local access to Binance, the world’s largest cryptocurrency exchange by trading volume.
According to a release issued by the regulator on Monday, the SEC’s decision was based on Binance’s failure to obtain the necessary license from the commission to operate as an investment and trading platform.
Binance’s Website And Services Blocked
In its March 12 meeting, the SEC approved filing a formal request with the National Telecommunications Commission (NTC) to assist in blocking Binance’s website and related web pages.
With an average daily trading volume of $65 billion and support for over 402 cryptocurrencies, Binance has gained a substantial user base of more than 183 million members in the Asian country, according to the regulator.
