In March 2024, the Philippine National Telecommunications Commission blocked access to the websites of major cryptocurrency exchanges. Concerns were raised about the security of the funds of Filipino investors and the unauthorized offering of securities to residents by the exchanges. The Securities and Exchange Commission (SEC) identified Binance as one of the exchanges involved in these activities, labeling it as an unregistered broker in violation of the Securities Regulation Code.
As a result, the SEC urged for the banning of the Binance app to prevent the proliferation of its illegal activities and protect the public from its detrimental effects on the nation’s economy. Investors who used Binance were given a three-month window to liquidate their positions on the platform. Additionally, the commission reached out to tech giants Google and Meta to request a pause on Binance advertisements targeting Philippine residents.
This recent move by the Philippine government reflects a similar strategy employed by the Indian government, which also blocked access to Binance. It remains to be seen how Binance will respond to the situation in the Philippines.