A back-door entry for Binance in the Philippines may now be in limbo following the BNB Chain hack last week, sending a signal to regulators about the exchange's security woes.
Binance was booted out of the Philippines and shortly after claimed to be in talks to acquire a licensed VASP—Infrawatch says this can’t be allowed to happen.
In response to advocacy efforts by Infrawatch PH, the country’s SEC confirmed that Binance doesn’t hold any license to operate in the Philippines.
The group stated specific actions it wants the SEC to take against Binance, which include issuing cease and desist order to stop all operations of the exchange, its affiliates, and partners.
A local think tank is urging the Department of Trade and Industry to investigate Binance, which has been promoting its services and serving Filipinos without a license.
