MANILA, Philippines — The Securities and Exchange Commission (SEC) will proceed with blocking the website of cryptocurrency giant Binance, saying that it posed a threat to the security of the funds of Filipinos.
The corporate watchdog on Monday said its Commission En Banc approved on March 12 the filing of a formal request with the National Telecommunications Commission (NTC) for assistance in blocking Binance’s website and other web pages it used.
“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC Chair Emilio Aquino said in his letter to the NTC.
READ: SEC delays decision on Binance ban
Binance, which is registered in the Cayman Islands and is known as one of the largest cryptocurrency websites in the world, allows users to buy and sell more than 402 cryptocurrencies, including Bitcoin and Ether.
Blocking access, ban on Binance digital ads
According to the SEC, Binance currently has an average daily trading volume of $65 billion. It also has at least 183 million members, the SEC said, citing the company’s website.
READ: PH digital trade groups backs ban on Binance
However, the SEC found that Binance had offered an investment and trading platform without securing a necessary license from the commission.
The SEC first issued a public warning against Binance on Nov. 29 last year, and has since been studying the possibility of blocking its website “and other online presence” in the Philippines.
This came after Binance CEO Changpeng Zhao pled guilty to violating US anti-money laundering laws last year. Zhao subsequently resigned.
READ: READ: Binance’s Zhao pleads guilty, steps down to settle US illicit finance probe
“Considering the size and volume of Binance’s operations, however, the SEC ensured that the investing public would have enough time to exit the platform and reposition their portfolio in favor of authorized investment products and platforms,” the commission said.
With Binance actively employing digital advertising efforts in the Philippines to attract more local users, the SEC previously said it was also working with Google and Meta to stop the ads. The Binance app is still downloadable on the Google Playstore and Apple App Store at press time.
Earlier this month, the SEC sought the NTC’s assistance in blocking the websites and apps of OctaFX and MiTrade, after these were found to have been illegally offering investments in the country.