cryptoknowmics.com
With the new charge that the cryptocurrency exchange has been operating unlawfully in the nation, a think tank in the Philippines is continuing its fight to get Binance banned. On Monday, Infrawatch PH submitted a twelve-page complaint urging the Securities and Exchange Commission (SEC) of the Philippines to take action against Binance's operations there. Infrawatch PH, a think tank in the Philippines, is continuing its campaign to get Binance banned there by requesting that additional regulators look into the cryptocurrency exchange's suspected unlawful business practices. The research group claims Binance has been conducting business illegally in the Philippines for several years. Infrawatch PH convenor Terry Ridon asserted that Binance does not have a presence in Manila and solely employs "third-party firms" that hire Filipinos for its technical and customer support services. He also referred Carlos Dominguez, a former finance secretary, who stated in public last month that Binance has no records with the SEC or the Bangko Sentral ng Pilipinas (BSP).
Benefits of SEC's Decision to Public
The public has benefited from SEC's decision to outlaw dishonest internet lending businesses. The nation's unlicensed and unregulated exchanges for cryptocurrencies should also follow suit, according to Ridon. He noted that despite not having an SEC registration, Binance has been providing a variety of cryptocurrency products, including spot trading, margin trading, futures contracts, options, crypto loans, and Peer-to-Peer (P2P) trading, adding:
"We believe these products are in the nature of securities, which under SEC rules, may not be sold or offered for or distribution within the Philippines without a registration statement duly filed with and approved by the SEC."
The news comes following the Philippine Department of Trade and Industry (DTI) rejected a petition to prohibit Binance in early July, citing the BSP's lack of regulatory clarity. Infrawatch PH's objections against Binance were primarily directed at the DTI, and the think tank requested that the agency looks into the issue of unlawful marketing.