#ICYMI: SEC warns vs using Binance

SEC said Binance is not registered in the Philippines.

Screenshot from Binance website

Binance is not authorized to operate in PH

In an advisory issued Nov. 28, the Securities and Exchange Commission warned the public against using the cryptocurrency platform.

Based on the Commission's database, the operator of the platform BINANCE is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY to sell or offer any form of securities as defined under Section 3.1 of the Securities Regulation Code (SRC), to engage in the business of buying or selling securities or as a broker or dealer as provided under Section 28 of the SRC, or to create or operate an exchange for the buying and selling of securities as provided under Section 32 of the SRC, SEC said.

Binance is a cryptocurrency exchange founded in Shanghai.

SEC said this platform has been actively employing promotional campaigns on various social media platforms to attract and entice Filipinos to engage in investment and trading activities using its platforms.

It also claims to operate a facility to trade financial instruments and offers investment products, like spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offerings, the SEC added.

The commission urged the public to exercise caution before investing in these kinds of unregistered online investment platforms and their representatives.

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Source: SEC