Philippines’ financial regulator SEC said they will continue to block the world’s largest cryptocurrency exchange Binance.
According to local news platforms, the regulator SEC of the Philippines stated that Binance poses a threat to the country’s security and will continue to block access to platforms such as websites.
Binance was planning to expand in Southeast Asia amid legal issues in the US and China. It had recently started operations in Thailand as the first step in the region. Later, the Philippines had announced to ban Binance. The recent statement indicates that the bans will continue.
SEC stated that Binance does not have a license to operate in the country. The regulatory body also said that they will give investors time to exit their positions through Binance and that the ban will start 3 months later.
The country’s regulator also requested the blocking of Binance ads from global giants Google and Meta.
SEC also asked for assistance from the country’s telecommunications authority to block access to the platform in a document dated March 25.
