JUST IN: PH SEC moves to block Binance, investors given time to close positions.
Filipinos who have investments in crypto trading app Binance will be given time to close their positions before regulators block access to it.
MANILA, Philippines – The Securities and Exchange Commission (SEC) is moving to block embattled crypto trading platform Binance from being accessed in the Philippines to safeguard the public from unregistered investment products.
The commission noted that Binance, the world’s largest crypto trading platform, is not authorized to sell or offer securities to the public in the Philippines, pursuant to Republic Act No. 8799 or the Securities Regulation Code.
The SEC has requested assistance from other government agencies, namely the National Telecommunications Commission and the Department of Information and Communications Technology, to block access to Binance in the country.
The SEC said the removal of access is expected to take effect within three months after the issuance of the advisory to give Filipino investors time to close their positions and take out their investments.
https://www.rappler.com/business/securities-exchange-commission-moves-block-binance-investors-given-time-close/
