Think tank Infrawatch PH has sent a letter to the Philippine Department of Trade and Industry calling forlaunch an investigation into the Binance cryptocurrency exchange for illegal marketing campaigns.
According to analysts, in various socialnetworks appear promotions Binance, designed for Filipino consumers. The head of Infrawatch PH, Terry Readon, said that the exchange is effectively acting as a virtual asset service provider (VASP) in the country without a license and ignoring local regulations.
Binance spokesman said that the exchange is seriousrelates to compliance, for which it has introduced mandatory KYC procedures for its users. The next step will be to obtain VASP licenses and an electronic money issuer in the Philippines.
Infrawatch PH is not the first time againstactivities of Binance within the country. Last month, analysts urged the Philippine Central Bank to initiate legal action against the platform, calling it a "danger to society" amid falling prices of major cryptocurrencies.
Recall that in June, CEO Binance Binance Changpeng Zhaoannounced the exchange's plans to apply for licenses in the Philippines. The head of the company expects that the procedure will be carried out within a few months.
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