The financial regulator of the Philippines, SEC, said it will continue to block the world’s largest cryptocurrency exchange Binance.
According to local news platforms, the Philippines regulator SEC stated that Binance poses a threat to the country’s security and will continue to block access to platforms such as its website.
Under normal circumstances, Binance was in the midst of expansion plans in Southeast Asia amid legal troubles in the US and regulations in China. It had recently started operations in Thailand, its first foray into the region. Later, the Philippines announced that it would block Binance. The latest announcement indicates that the bans will continue.
SEC stated that Binance does not have a license to operate in the country. The regulator also said they will allow investors time to exit their positions through Binance and the ban would start 3 months later.
The country’s regulator also requested that global tech giants Google and Meta block Binance advertisements.
In a document dated March 25, SEC also requested assistance from the country’s telecommunications agency to block access to the platform.
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