Philippines' SEC warns Binance for operating without a license, risking 21-year imprisonment for promoters.
The company faces global regulatory issues, including investigations in France and Singapore.
The list of
financial regulatory commissions claiming that Binance operates in their
jurisdiction without official permission has expanded again. The Securities and Exchange Commission Philippines (SEC) recently issued a warning regarding
the exchange's operations, cautioning that entities involved in promoting
Binance could face up to 21 years of imprisonment.
Philippines Warns against
Unregulated Activities of Binance
The local
market regulator asserted that Binance "has been actively employing
promotional campaigns on various social media platforms," encouraging Philippines
residents to open trading accounts and conduct transactions through the
exchange. However, Binance does not have official permission or a license
issued by the Philippines supervisory authority that would allow such
activities.
"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," the warning from the SEC stated.
The
institution reminds retail investors not to engage in activities with
unregulated firms. Simultaneously, it warns sellers, agents, promoters, and
influencers that encouraging individual investors to open accounts on
unregulated platforms risks a maximum prison sentence of 21 years and a fine of
up to $90,000.
Binance on Regulators'
Warning Lists Worldwide
Binance has been facing regulatory issues in various parts of the world, including France, the UK, Singapore, and Nigeria, since last year. For instance, Nigeriaβs
Securities and Exchange Commission reiterated its warning against Binance,
highlighting that the platform has been "soliciting the Nigerian public to
trade crypto assets."
Currently, Binance's
most significant problem is the operations in the USA and the
multibillion-dollar settlements it agreed to pay in that market. Binance
officially left the United States, and the exchange's former director,
Changpeng Zhao, had to resign from his position.
The list of
financial regulatory commissions claiming that Binance operates in their
jurisdiction without official permission has expanded again. The Securities and Exchange Commission Philippines (SEC) recently issued a warning regarding
the exchange's operations, cautioning that entities involved in promoting
Binance could face up to 21 years of imprisonment.
Philippines Warns against
Unregulated Activities of Binance
The local
market regulator asserted that Binance "has been actively employing
promotional campaigns on various social media platforms," encouraging Philippines
residents to open trading accounts and conduct transactions through the
exchange. However, Binance does not have official permission or a license
issued by the Philippines supervisory authority that would allow such
activities.
"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," the warning from the SEC stated.
The
institution reminds retail investors not to engage in activities with
unregulated firms. Simultaneously, it warns sellers, agents, promoters, and
influencers that encouraging individual investors to open accounts on
unregulated platforms risks a maximum prison sentence of 21 years and a fine of
up to $90,000.
Binance on Regulators'
Warning Lists Worldwide
Binance has been facing regulatory issues in various parts of the world, including France, the UK, Singapore, and Nigeria, since last year. For instance, Nigeriaβs
Securities and Exchange Commission reiterated its warning against Binance,
highlighting that the platform has been "soliciting the Nigerian public to
trade crypto assets."
Currently, Binance's
most significant problem is the operations in the USA and the
multibillion-dollar settlements it agreed to pay in that market. Binance
officially left the United States, and the exchange's former director,
Changpeng Zhao, had to resign from his position.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa