The Philippines Securities and Exchange Commission (PSEC) is taking steps to block and ban Binance, a cryptocurrency exchange, within three months. The commission issued an advisory warning users about Binance’s status as an unregistered exchange and stated that it is not authorized to sell or offer securities in the country. Binance has not registered as a corporation in the Philippines and does not have the necessary license to operate. A VASP (Virtual Asset Service Provider) license is required for exchanges to process crypto-to-fiat transfers and trades. The Philippines is currently on the Financial Action Task Force’s developing watchlist. The commission has received criticism for its actions, but Google and Meta have responded to its request to block Binance-related ads in the country. Binance recently entered into a plea deal with the US Department of Justice for money laundering indictments, and its ex-CEO has stepped down after pleading guilty.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇵🇠|
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Kelvin Lee |
| Companies | Binance, PSEC, Coins.ph, Meta, Google, US Department of Justice, BitPinas |
| Currencies | None |
| Securities | None |
