The Philippines' Securities and Exchange Commission has warned Binance users, the world’s largest crypto trading platform, that the exchange is operating without a license in the country, and as a result, the regulator wants to block access to it.
According to the watchdog, the company is not authorized to sell or offer any form of securities in the jurisdiction.
In addition, the platform, which is also promoting crypto trading to local users on social media, could be held criminally liable.
The regulator said:
"Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of Binance in selling or convincing people to invest in its platform within the Philippines, even through online means, may be held criminally liable under Section 28 of the Securities Regulation Code."
In relation to this, the SEC has ordered Google and Meta to block Binance ads targeting Filipino users.
The block to access the trading platform is expected to become effective within three months of the issuance of the watchdog advisory on 28 November.