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The Philippine think tank Infrawatch PH continues its efforts to ban Binance in the Philippines by asking more regulators to investigate cryptocurrency exchanges on suspicion of illegal manipulation.
Monday Infrastructure Watch PH Submission A 12-page complaint asking the Philippine Securities and Exchange Commission (SEC) to crack down on Binance’s activities in the Philippines.
According to think tanks, Binance has been operating in the Philippines for several years without proper regulatory approval.
Infrawatch PH combinator Terry Ridon claimed that Binance does not have an office in Manila and uses only “third-party companies that employ Filipinos for technical and customer support services.”He also publicly referred to former Finance Minister Carlos Domnguez. declaration Last month, Binance was unrecorded on either the SEC or the Bangko Sentral ng Pilipinas (BSP).
“The SEC has provided sufficient service to its citizens by banning malicious online lending services. The same should be done for domestic unregistered and unregulated cryptocurrency exchanges. Yes, “said Ridon. He offers a wide variety of crypto products, including spot trading, margin trading, futures contracts, options, crypto loans, and peer-to-peer (P2P) trading, even though Binance is not registered with the SEC. I added.
“Due to the nature of the securities, these products may not be sold, offered or distributed in the Philippines without a formal and approved registration statement to the SEC under SEC rules.”
The news was released shortly after the Philippine Ministry of Trade and Industry (DTI) abandoned the Binance ban in early July due to lack of regulatory clarity from the BSP. The DTI was the first destination for Binance complaints by InfraWatch PH, and think tanks sought authority to investigate exchanges for illegal promotions.
