December 2, 2022

Philippine authorities received a request from regulatory authorities to ban Binance

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Philippine authorities received a request from regulatory authorities to ban Binance

Infrawatch PH Public Policy Centersent a letter to the Philippine Department of Trade and Industry asking them to initiate an investigation into the illegal marketing campaigns of the Binance crypto exchange.

According to the think tank coordinatorpublic policy Infrawatch PH Terry Ridon (Terry Ridon), in various social networks in the Philippines regularly appears advertising cryptocurrency exchange Binance, aimed at local consumers. Thus, Ridon said, the exchange is ignoring local regulations and is effectively acting as a virtual asset service provider (VASP) in the country without being licensed by the regulator.

"We would like to draw your attention toillegal Binance ads that were allegedly launched without the required DTI approval given the absence of a DTI authorization number in the advertisements and the absence of an applicable Binance license in the Philippines,” Rydon wrote in a letter to the Philippine Minister of Commerce and Industry.

Infrawatch PH is not the first time againstactivities of Binance in the Philippines. Earlier, Ridon called on the Philippine Bangko Sentral ng Pilipinas (BSP) to initiate legal proceedings against the platform, calling it a "danger to society." Ridon emphasized that Binance has been doing illegal business in the country for several years. The expert believes that Filipino consumers have been the target of questionable transactions:

“Given Binance’s sales promotion anddisregarding Philippine laws, we urge the Department of Trade and Industry to take action and order the exchange to immediately cease all promotions that violate the law.”

In June, Binance CEO and Founder Changpeng Zhao stated
about his company's plans to enter the financial marketPhilippines. Zhao said that Binance hopes to obtain two licenses soon - an Electronic Money Issuer (EMI) and a Virtual Asset Service Provider (VASP). Both permits could allow the exchange to offer a wide range of cryptocurrencies and digital assets to Philippine customers.