Philippine think tank Infrawatch PH continues its efforts to ban Binance from providing services in the region by requiring regulators to investigate the crypto exchange for alleged illegal activities.
On July 25, Infrawatch PH filed a 12-page complaint calling on the Securities and Exchange Commission of the Philippines (SEC) to crack down on Binance’s activities in the country.
According to the submission document, Binance has been operating in the Philippines for several years without the approval of the authorities. Terry Ridon, representative from Infrawatch PH has stated that Binance has no office in Manila and only through third party companies to provide its customer support services.”
Additionally, as Philstar reports (here), he also mentioned former finance secretary Carlos Dominguez, who publicly stated last month that Binance has no filings with the SEC or Bangko Sentral. Pilipinas (BSP).
“The SEC has done a good job with the public by banning illegal online lending services. Similarly, the agency will also do the same for unregistered and unregulated cryptocurrency exchanges in the country.” Ridon emphasized on the regulatory activities of the SEC.
Furthermore, he affirmed that Binance has been offering a wide range of crypto products, including spot trading, margin trading, futures, options, crypto lending, and peer-to-peer trading. (P2P), although not yet registered with the SEC.
“We believe that these products are securities in nature and that, under SEC regulations, they may not be sold, offered, or distributed within the Philippines without a statement of registration or legal approval. regulated by the SEC.”
The news comes shortly after the Philippine Department of Commerce and Industry (DTI) rejected a proposal to ban Binance in early July, citing BSP’s lack of regulatory clarity. DTI is the first destination for Infrawatch PH’s Binance complaints. This research team has asked the authority to probe the exchange for illegal promotions.
Besides, the source appeared in the context of a sudden increase in cryptocurrency trading activity in the Philippines. In July, weekly Bitcoin (BTC) trading volume in Philippine pesos hit a historic high on major P2P crypto exchange Paxful. Cryptocurrency adoption has also been expanding in the region in recent years. The recent move to launch crypto trading features from the company PayMaya.
In the context of the crypto market showing signs of recession, regulatory agencies increasingly tightening regulations for crypto, the world’s leading exchange Binance is also not out of sight. Binance was previously involved in a “controversy” with the US SEC in relation to BNB because it was alleged to be a security.