Binance faces another setback in the Asian market as the Philippine

Kitu11

The recent challenges faced by the world's largest cryptocurrency exchange, Binance, have been widely observed. Binance recently reached a historic settlement with the U.S. Department of Justice, announcing a complete exit from the U.S. market. However, this did not end its regulatory troubles. This week, Binance faced setbacks in the Asian market, as it was named by the Philippine Securities and Exchange Commission for operating without registration, leading to a ban on Filipino investors accessing the Binance platform.

According to the announcement from the Philippine Securities and Exchange Commission, Binance has been actively promoting itself through various social media platforms, attracting Filipinos to engage in investment and trading activities. People in the Philippines can access or download the Binance platform through various means, including its website, Google Play, and Apple's App Store.

Despite offering various investment products such as leveraged spot trading, futures contracts, options contracts, cryptocurrency savings accounts, cryptocurrency staking services, and an ICO platform, the operator of the platform is not registered as a company in the Philippines and has not obtained approval to sell securities in the country. Therefore, the Philippine SEC has decided to prohibit access to the Binance platform three months after the publication of this announcement, ensuring that Filipino investors holding assets on Binance have sufficient time to withdraw their investments.

This decision exacerbates Binance's regulatory challenges on a global scale. Binance recently paid a $4.3 billion fine in the United States, completely exiting the U.S. market, and its founder, Zhao Changpeng, admitted to violating U.S. banking secrecy and anti-money laundering laws, resigning from his position. In Europe, Binance has also sequentially exited markets such as Germany, the Netherlands, Austria, Cyprus, Belgium, Austria, and more. Additionally, the Philippine SEC has requested Google and Meta to prohibit online advertisements for Binance targeting Filipino users, further restraining its activities in the Philippines.

Indra55

In the end, buying and selling cryptocurrencies remains unrestricted; once purchased, there is no regulation enforceable either on the exchange or when moving assets out of the country.

Kahn332

A large influx of funds into the cryptocurrency market in this manner is something that any country's financial system is unlikely to tolerate.

Isha000

For Binance to survive in these countries, it would need to spend a significant amount of money to gain favor with authorities or straightforwardly comply with tax regulations. However, the challenge lies in how to pay these taxes, the amount to be paid, which poses another dilemma.

Sona59

The cryptocurrency community has lost yet another trading platform.