The country's regulator has accused Binance of marketing its services to Filipino investors without approval.
This action adds to Binance's growing legal challenges, including hefty fines in the US.
The Philippines' securities regulator has taken
enforcement action against Binance, ordering Google and Apple to remove their apps from their respective app stores. This action follows allegations that
Binance offered unregistered securities to Filipino investors.
Philippines' SEC Targets Binance's Apps
The Philippines' Securities and Exchange Commission
(SEC), through its Chairperson, Emilio Aquino, highlighted the threat posed to
the security of investors' funds by continued access to Binance's sites and
apps.
The regulator alleged that Binance's presence in the
app stores facilitates the spread of its illegal activities in the country.
This action is a response to findings that the exchange promoted its services
to attract funds from Filipinos despite lacking the necessary licensing from
the regulator.
The latest enforcement action in the Philippines adds
to Binance's mounting legal challenges, including the recent replacement of its
CEO and a hefty fine imposed by the US government against the exchange for alleged
violation of anti-money laundering regulations.
Changpeng Zhao, the former CEO of Binance, awaits sentencing on charges related to violating the Bank Secrecy Act. Furthermore, the exchange is entangled in legal battles with both the US Securities and Exchange Commission and the Commodity Futures Trading Commission over purported mishandling of customer assets.
The Philippines' SEC has advised investors holding assets
in Binance to promptly close their positions or transfer them to
registered exchanges or wallets within the country.
Binance Grapples with Legal Hurdles
Last month, the Philippines' SEC blocked Binance's operations as an investment and trading platform due to claims that the exchange lacked the required license. According to the watchdog, Binance has continued its activities despite warnings issued since November 2023.
In a meeting held on March 12, the SEC formally requested
the National Telecommunications Commission to block Binance's website and
associated web pages. Aquino emphasized the threat posed to Filipino investors'
funds by allowing continued access to the platform.
Binance's failure to secure the necessary license from the
SEC contradicts the Philippines' regulations, which mandate companies secure approvals before soliciting investments and operating securities exchanges. Additionally, the exchange's extensive social media promotional campaigns targeting Filipino investors have raised concerns about compliance and investor protection.
The Philippines' securities regulator has taken
enforcement action against Binance, ordering Google and Apple to remove their apps from their respective app stores. This action follows allegations that
Binance offered unregistered securities to Filipino investors.
Philippines' SEC Targets Binance's Apps
The Philippines' Securities and Exchange Commission
(SEC), through its Chairperson, Emilio Aquino, highlighted the threat posed to
the security of investors' funds by continued access to Binance's sites and
apps.
The regulator alleged that Binance's presence in the
app stores facilitates the spread of its illegal activities in the country.
This action is a response to findings that the exchange promoted its services
to attract funds from Filipinos despite lacking the necessary licensing from
the regulator.
The latest enforcement action in the Philippines adds
to Binance's mounting legal challenges, including the recent replacement of its
CEO and a hefty fine imposed by the US government against the exchange for alleged
violation of anti-money laundering regulations.
Changpeng Zhao, the former CEO of Binance, awaits sentencing on charges related to violating the Bank Secrecy Act. Furthermore, the exchange is entangled in legal battles with both the US Securities and Exchange Commission and the Commodity Futures Trading Commission over purported mishandling of customer assets.
The Philippines' SEC has advised investors holding assets
in Binance to promptly close their positions or transfer them to
registered exchanges or wallets within the country.
Binance Grapples with Legal Hurdles
Last month, the Philippines' SEC blocked Binance's operations as an investment and trading platform due to claims that the exchange lacked the required license. According to the watchdog, Binance has continued its activities despite warnings issued since November 2023.
In a meeting held on March 12, the SEC formally requested
the National Telecommunications Commission to block Binance's website and
associated web pages. Aquino emphasized the threat posed to Filipino investors'
funds by allowing continued access to the platform.
Binance's failure to secure the necessary license from the
SEC contradicts the Philippines' regulations, which mandate companies secure approvals before soliciting investments and operating securities exchanges. Additionally, the exchange's extensive social media promotional campaigns targeting Filipino investors have raised concerns about compliance and investor protection.
Paxos Ups Its Stablecoin Bet: Launches MAS-Compliant USDG
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24