The Philippines’ Securities and Exchange Commission has begun the process of blocking access to the world’s largest crypto exchange Binance, whose chief last week stepped down and pleaded guilty to breaking US anti-money laundering laws.
The SEC said the operator of Binance was not a registered corporation in the Philippines, and was operating without the necessary licence and authority to sell or offer any form of securities.
The removal of access in the Philippines, the SEC said in a statement, will take effect within three months of the issuance of its advisory on November 28 to give Filipino users time to pull out investments from the crypto exchange.
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