The Philippines’ SEC is cracking down on Binance, a popular cryptocurrency exchange, for operating without the necessary license. The regulatory body has received approval from the National Telecommunications Commission (NTC) to block access to Binance’s website and services across the country.

Emilio Aquino, the SEC Chairperson, raised concerns about Binance posing a financial risk to Filipino investors. The SEC alleges that Binance has been offering unauthorized services like crypto savings accounts and leveraged trading options.

Despite the exact number of Filipino Binance users being unknown, research indicates that the Philippines has over 9.3 million cryptocurrency owners, ranking it seventh globally in terms of crypto ownership.

In November, the SEC issued a warning to Binance for operating without proper permits in the Philippines. The commission has also asked tech giants Google and Meta to stop any Binance advertisements targeting Filipino consumers, citing worries about social media promotions enticing investors.

Binance is facing regulatory hurdles in various countries, including Nigeria where it has been under scrutiny since February. Recently, the exchange’s regional manager, who was detained as part of an investigation, reportedly escaped the country using a fake passport.

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