MANILA -The Securities and Exchange Commission (SEC) is moving to block cryptocurrency trading leader Binance within three months after it was found to be selling securities in the country without the necessary licenses. ADVERTISEMENTIn its Nov. 28 advisory, the corporate watchdog said Binance was not authorized to publicly sell or offer securities in the Philippines, pursuant to Republic Act No. 8799, or The Securities Regulation Code (SRC). READ: Binance’s Zhao pleads guilty, steps down to settle US illicit finance probeADVERTISEMENTThe fresh SEC crackdown came a week after Binance CEO Changpeng Zhao had pleaded guilty to violating US antimoney laundering rules and resigned from his post. Registered in the Cayman Islands, Binance is the world’s biggest crypto trading exchange, which allows users to buy and sell bitcoin, ether and other cryptocurrencies.

Source: Philippine Daily Inquirer December 01, 2023 07:23 UTC