The Philippines is among the leading countries in the Asia-Pacific region in the adoption of cryptocurrencies. However, the country’s authorities are reacting negatively to this trend.
The Securities and Exchange Commission of the Philippines (SEC) has appealed to citizens not to use the services of Binance.
The head of the local SEC, Oliver Leonardo, has reminded this trading platform is not regulated by the authorities:
“Binance does not have the necessary authority and license to serve investors. Only registered companies get the necessary licenses to work with investors.”
The press service of the regulador has said Binance violates all major laws, including those that regulate the securities market and the corporate code.