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Top cryptocurrency news: Philippine SEC warns citizens not to invest in cryptocurrency with Binance

05-Aug-2022 By: Sudeep Saxena
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The Philippine Securities and Exchanges Commission (SEC) warned the public not to invest in the cryptocurrency exchange Binance in response to policy think tank Infrawatch PH's efforts to persuade the SEC to take action against the exchange.

The public was urged not to invest in the exchange in a letter issued by SEC Director Oliver Leonardo. Furthermore, based on the first evaluation, the SEC determined that Binance is not a registered company. 

The letter stated that Binance is in violation of SEC-enforced legislation such as the Securities Regulation Code and the Revised Corporation Code. As a result, the SEC stated that if there are any victims, they should come forward and file charges against the exchange.

According to Infrawatch PH Convenor Terry Ridon, this clarifies the government's position on crypto platform activities. "This warning protects Binance users immediately if they have lost money investing in an unauthorized platform," he explained.

Binance told sources in a statement that they were aware of the SEC's letter to Infrawatch PH and that they support the SEC's objective to safeguard users. According to a spokesperson for the exchange, they are willing to talk with the SEC. He emphasized that Binance believes in establishing regulatory frameworks that evolve in tandem with innovation. 

In June, Binance announced its desire to get a virtual asset service provider (VASP) license and an e-money issuer license in the Philippines. Binance CEO Changpeng Zhao stated that the exchange is looking for extending its operations within the nation.

In the same month, Infrawatch PH launched its effort against Binance by contacting the Philippine central bank. Furthermore, the lobbying group attempted to persuade the country's Department of Trade and Industry (DTI) to ban Binance due to suspected unlawful advertisements. However, the DTI responded that they are unable to implement any ruling on the exchange.

Read also: Top cryptocurrency news: Binance.US will delist AMP after the SEC claims the token is a security

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