The Philippine Department of Trade and Industry has received a letter from think tank Infrawatch PH asking it to investigate Binance for conducting illegal marketing campaigns.
According to the company's analysts, there are Binance promotions targeting Filipino consumers on various social media platforms.
Infrawatch PH head Terry Ridon has said the crypto exchange is effectively acting as a virtual asset service provider (VASP) in the country without a license and ignoring local regulations.
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A Binance spokesperson has said the platform takes compliance seriously and has introduced mandatory KYC procedures for its users. The next step will be to obtain VASP and e-money issuer licenses in the Philippines.
This is not the first time Infrawatch PH has spoken out against Binance's activities in the country. Last month, the company's analysts urged the Central Bank of the Philippines to initiate legal action against the platform, calling it a "danger to society" amid falling prices of major cryptocurrencies.
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