Philippines: Announced SEC warning concerning Binance, informing the public that the exchange is not authorised to sell or offer securities in the country

On 28 November 2023, the Philippines Securities and Exchange Commission (SEC) issued a warning concerning Binance, informing the public that the exchange is not authorised to sell or offer securities in the country. Although Binance claims to be registered abroad as a broker/dealer, following the SEC, it does not fulfil the regulatory requirements in the Philippines. The SEC points out that securities must be registered and issued by registered companies in the Philippines and that issuers must have the required licences. The public is advised to exercise caution when dealing with unregistered online investment platforms such as Binance. The advisory warns that persons promoting Binance in the Philippines may be subject to criminal prosecution under the Securities Regulation Code, with possible fines of up to PHP 5 million or imprisonment of 22 years or both.