Infrawatch PH – a think tank based in the Philippines – keeps on endeavoring to prohibit Binance (a giant among crypto exchanges) from its activities within the jurisdiction of the country. In doing so, it has communicated with the regulators to examine the operations of the exchange to check out whether it is involved in some unlawful operations.
Binance to Be Examined by SEC Philippines over Suspected Illegal Practices
On Monday, Infrawatch HP filed a complaint comprising 12 pages in which it requested the Securities Commission of the country to clamp down on the operations of Binance in the Philippines. As per the think tank, the crypto exchange has been running its operations within the country without seeking any approval to do so from the responsible authorities. Infrawatch PH’s convenor – Terry Ridon – asserted that the exchange platform does not have any office within Manila and it just utilizes 3rd-party firms that implement Filipinos because of its consumer support and technical services.
He additionally pointed toward Carlos Dominguez (the previous finance secretary who openly announced in the recent month that no records have been found in the case of Binance that are connected with Bangko Sentral ng Pilipinas (BSP) or the SEC. Ridon mentioned that the Securities regulator has provided services to the common masses in a good manner by prohibiting deceitful lending services online. And the similar should be done to the unregulated and unregistered crypto exchanges within the area.
Crypto Exchange Claims to Be Complying with Philippines-based Regulatory Entities
In his words, several forms of crypto products are offered by Binance, taking into account peer-to-peer (P2P) trading, crypto loans, future contracts-related services, margin trading, as well as spot trading, notwithstanding its unregistered status under SEC’s domain. He stated that they are confident that the nature of the products offered by Binance is that of securities and under the standards set by the SEC entities are prohibited from offering such goods without being registered through a proper filing.
The Binance spokesperson disclosed that the crypto venue is keenly cooperating with the native regulatory authorities and pursuing obtaining licenses to issue electronic money as well as provide the services related to virtual assets throughout the Philippines. As he puts it they are continuously involved in the communication with stakeholders and regulators.
Their objective is to play their role in the growing blockchain and Web3 ecosystem of the Philippines. He moved on to say a mandatory Know-Your-Customer procedure has been introduced by the venue for the entirety of the consumers in the previous year.