Philippines regulator accuses Binance of operating without registration

10:46 - 30.11.2023

November 30, Fineko/ The Securities & Exchange Commission of the Philippines informed that the Binance cryptocurrency exchange operates in the region without a license.

ABC.AZ reports that the local regulator warned residents of the country that the platform has no right to sell or offer securities.

"Those who act as sellers, brokers, dealers, representatives, promoters, recruiters, agents of influence, endorsers and those who promoted sales or persuaded people to invest on this platform can be prosecuted and punished with a maximum fine of 5 million pesos ($90,000) or imprisonment for 21 a year or both," the regulator said.

Regulator's statement also says that Binance exchange must apply for registration and provide detailed information about the products that will be offered on the platform.

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