Kenneth Stern, who is general manager head of Binance’s operation in the Philippines has left his company. As per an earlier report on his LinkedIn profile Stern’s job at Binance finished in November 2023. However, the company’s representative claimed that he has already left the company in July 2023.
Now the news is coming out that the Philippines’ Securities and Exchange Commission (SEC) announced that Binance is not officially registered in the Philippines therefore the company doesn’t have authority to sell securities. Binance does not have required licences to advertise and serve customers in the Philippines.
One Securities and Exchange Commission officer said on Thursday that we will block access to well known cryptocurrency giants in the Philippines. The Securities and Exchange Commission informs that Binance is not officially registered in the country , that’s why the company doesn’t have authority doing business here. The SEC advised People in the Philippines to be cautious while engaging and investing in companies and advised to withdraw their investments from Binance before the platform is blocked in about three months.
In that notice by Securities and Exchange Commission also warn those people who are act as promoters, recruiters, salesmen, brokers, dealers or agents, representatives,
influencers, endorsers and enablers of the Binance platform face criminal liability. We can say in simple terms that promoting Finance or convincing people to use Binance in any way in the Philippines is illegal and you can face legal notice.
SEC Additionally warned other trading platforms like OctaFX and Mitrade, these will also be blocked soon in this country, because SEC found operating them without the required licences.
SEC Commissioner Kelvin Lester Lee said, “We want to ensure the safety of the investing public.” He mentioned that these entities had multiple chances over the years to register, and their choice not to do so implies something concerning. The SEC has also requested Google and Meta to stop showing Binance ads in the Philippines. Lee clarified that many countries are taking similar actions, and if a platform is not registered, it will face issues. Earlier this month, Binance’s former CEO, Changpeng Zhao, resigned after pleading guilty to extensive US money laundering violations and agreeing to fines exceeding $4 billion. In simpler terms, the government official stated that they are taking these actions to protect investors, and Binance’s former CEO faced legal issues related to money laundering.
