đšBinance Promotion In The Philippines: Hereâs Why You Could Face Up To 21 Years In Prison
In a significant move reported by Reuters, the Philippines Securities and Exchange Commission (SEC) has escalated its regulatory measures, deciding to block access to Binance, the world's leading cryptocurrency exchange.
đ Access Blocked: Reasons Behind the SEC's Decision
The SEC has made it clear that Binance's lack of registration as a corporation in the Philippines, coupled with its failure to acquire the necessary license and authority to sell "securities," is the primary reason behind the access restriction.
The SEC advisory, issued on November 28, stipulates that the suspension will come into effect within three months, allowing Filipino users a window to withdraw their investments.
đŒ Operational Restrictions: Impact on Advertising and Reach
As part of its broader strategy to limit Binance's operations, the SEC has reached out to tech giants Google and Meta (Facebook's parent company), requesting a ban on Binance's online advertising in the Philippines. The aim is to curtail the platform's outreach and hinder further investment activity within the country.
đ« Criminal Liability and Penalties: Stern Warning from the SEC
Section 28 of the Securities Regulation Code outlines severe penalties, including a maximum fine of five million pesos (about $900,000), imprisonment for up to twenty-one years, or both.
đĄ Caution for Investors: Growing Concerns Surrounding Binance's Operations
With the recent guilty plea from Binance's former CEO, Changpeng Zhao (CZ), and the looming threat of criminal liability, concerns regarding Binance's operations in the Philippines are intensifying. Filipino investors are advised to exercise caution, and the industry is closely monitoring regulatory actions taken by the SEC.
đ Stay Informed, Stay Cautious: Follow The Blockopedia for Real-time Updates!
