Binance Risks Being Removed From App Stores by Philippines SEC

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Aquino maintained that Binance’s operation violates Republic Act No. 8799, also known as the Securities Regulation Code, as the exchange is operating as an unregistered broker in the country. The SEC previously made efforts to engage the National Telecommunications Commission to block access to websites used by Binance in the Philippines. However, with VPNs, denial of such access can be overcome easily. The Philippines authority in November 2023 also issued warnings to the public against investing in and using Binance, citing the company's lack of proper licensing and registration for its operations.

The SEC's grouse with Binance is that despite actively running promotional advertisements on different social media platforms to woo Filipinos to engage in investment and trading activities using its platforms, the exchange continues to shun securing the SEC license, permitting it to solicit investments from the public.

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