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The guidance of the Securities and Exchange Commission of the Philippines urges all traders and investors not to work with the Binance cryptocurrency exchange. This was reported by the Commission in Letter consulting firm Infrawatch PH.
What the document says about the risks of working with Binance
In the letter, the country’s exchange regulator points out that the binance cryptocurrency exchange does not have any authority to provide financial services. Since Binance does not have the appropriate permission, traders and investors are very much at risk if they work with the exchange. This is the first time that the financial regulator of the Philippines openly calls not to have any dealings with the Binance exchange.
Binance has problems not only in the Philippines
Earlier, the Central Bank of the Netherlands fined Binance Holding $ 3 million for providing services with cryptocurrencies. The fine was issued because Binance did not have permission to conduct trade transactions in the Netherlands.
In July, MEP A. Laluk submitted a request to the French financial regulator to explain the situation with registration in the country Binance. The regulator was never able to clearly argue its position on the request.
There are also problems with the American division of Binance US. It is trying to avoid fines from the U.S. Securities and Exchange Commission. The exchange has already removed the AMP token from the listing, as the SEC said that it refers to securities, not digital assets.
Will traders and investors in the Philippines heed the call of the financial regulator?
Since the exchange does not have permission to conduct transactions in the country, every investor and trader risks his funds by interacting with Binance. Perhaps some users will listen to the recommendations of the regulator and refuse to cooperate with the site. But for sure there will be those who will continue to work with the exchange.
The South Asian market is known for the fact that users of this region are extremely active in using cryptocurrencies and investing in projects. Therefore, calls to be careful are not received properly by many.
Author: Vadim Gruzdev, Analyst Freedman Club Crypto News
#Philippine #authorities #services #Binance
