Philippines' SEC warns Binance for operating without a license, risking 21-year imprisonment for promoters.
The company faces global regulatory issues, including investigations in France and Singapore.
The list of
financial regulatory commissions claiming that Binance operates in their
jurisdiction without official permission has expanded again. The Securities and Exchange Commission Philippines (SEC) recently issued a warning regarding
the exchange's operations, cautioning that entities involved in promoting
Binance could face up to 21 years of imprisonment.
Philippines Warns against
Unregulated Activities of Binance
The local
market regulator asserted that Binance "has been actively employing
promotional campaigns on various social media platforms," encouraging Philippines
residents to open trading accounts and conduct transactions through the
exchange. However, Binance does not have official permission or a license
issued by the Philippines supervisory authority that would allow such
activities.
"Binance
is not registered as a corporation in the Philippines and operates without the
necessary license and/or authority to sell or offer any form of
securities," the warning from the SEC stated.
The
institution reminds retail investors not to engage in activities with
unregulated firms. Simultaneously, it warns sellers, agents, promoters, and
influencers that encouraging individual investors to open accounts on
unregulated platforms risks a maximum prison sentence of 21 years and a fine of
up to $90,000.
Binance on Regulators'
Warning Lists Worldwide
Binance has been facing regulatory issues in various parts of the world, including France, the UK, Singapore, and Nigeria, since last year. For instance, Nigeria’s
Securities and Exchange Commission reiterated its warning against Binance,
highlighting that the platform has been "soliciting the Nigerian public to
trade crypto assets."
Currently, Binance's
most significant problem is the operations in the USA and the
multibillion-dollar settlements it agreed to pay in that market. Binance
officially left the United States, and the exchange's former director,
Changpeng Zhao, had to resign from his position.
The list of
financial regulatory commissions claiming that Binance operates in their
jurisdiction without official permission has expanded again. The Securities and Exchange Commission Philippines (SEC) recently issued a warning regarding
the exchange's operations, cautioning that entities involved in promoting
Binance could face up to 21 years of imprisonment.
Philippines Warns against
Unregulated Activities of Binance
The local
market regulator asserted that Binance "has been actively employing
promotional campaigns on various social media platforms," encouraging Philippines
residents to open trading accounts and conduct transactions through the
exchange. However, Binance does not have official permission or a license
issued by the Philippines supervisory authority that would allow such
activities.
"Binance
is not registered as a corporation in the Philippines and operates without the
necessary license and/or authority to sell or offer any form of
securities," the warning from the SEC stated.
The
institution reminds retail investors not to engage in activities with
unregulated firms. Simultaneously, it warns sellers, agents, promoters, and
influencers that encouraging individual investors to open accounts on
unregulated platforms risks a maximum prison sentence of 21 years and a fine of
up to $90,000.
Binance on Regulators'
Warning Lists Worldwide
Binance has been facing regulatory issues in various parts of the world, including France, the UK, Singapore, and Nigeria, since last year. For instance, Nigeria’s
Securities and Exchange Commission reiterated its warning against Binance,
highlighting that the platform has been "soliciting the Nigerian public to
trade crypto assets."
Currently, Binance's
most significant problem is the operations in the USA and the
multibillion-dollar settlements it agreed to pay in that market. Binance
officially left the United States, and the exchange's former director,
Changpeng Zhao, had to resign from his position.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
US Elections 2024 Countdown: Polymarket Bettors Push Harris Closer to Trump
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.
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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
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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!
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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