Cryptocurrency exchange Binance has been operating in the Philippines without the necessary approval or license, according to the local securities regulator.
Unauthorized Operation
The Philippines Securities and Exchange Commission (SEC) issued a warning against Binance on Nov. 28, informing the public that the exchange is not authorized to sell or offer securities in the country.
Registration Required
An exchange like Binance is required to apply for registration and provide detailed information about the securities it offers before selling them to the public. However, Binance has been operating without fulfilling these requirements.
Criminal Liability
In addition to operating without the necessary license, the SEC argued that Binance had been illicitly promoting its services in the country. The regulator warned that entities involved in promoting or trading on Binance may be held criminally liable.
Penalties
Under the Philippines’ Securities Regulation Code, those found guilty of this offense may face a fine of up to 5 million Philippine pesos ($90,300), imprisonment of 21 years, or both.
Binance did not immediately respond to requests for comment.
This is a developing story, and further information will be added as it becomes available.
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