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Philippine SEC moves to block Binance, MiTrade for lack of licence

The Philippine Securities and Exchange Commission (SEC) has requested the National Telecommunications Company (NTC) block Binance and MiTrade’s website and app, as these cryptocurrency platforms are unregistered and unauthorised to operate in the country. SEC Chairperson Emilio Aquino emphasised the risk to Filipino investors’ funds due to the platforms’ lack of licensure. This move is part of a broader crackdown on unlicensed online trading platforms. Binance, claiming to be the largest crypto trading platform with 169 million users and over 350 cryptocurrencies traded, faces this action following its, and its former CEO Changpeng Zhao’s guilty plea to US money laundering charges, resulting in fines exceeding USD4bn. The SEC assures Filipino investors that are using Binance that they will have time to withdraw and adjust their investments.


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