The Philippine Securities and Exchange Commission (SEC) issued a warning against cryptocurrency exchange Binance, informing the public that the exchange does not have the necessary license to sell or offer securities in the country. The SEC has stated that an exchange needs to provide detailed information about the offered securities, such as the issuance price and the nature of the securities, before being allowed to sell them to the public. The regulator also warned that entities involved in promoting or trading on Binance may be held criminally liable under the country's Securities Regulation Code. Violation of this code can lead to fines of up to 5 million Philippine Pesos ($90,300) or imprisonment for up to 21 years, or both. Binance has not yet issued a statement regarding the SEC warning. These developments with the Philippine SEC highlights the importance of investigating the regulatory framework in place in all countries before trading with a particular exchange. Cryptocurrency exchanges must be compliant with the regulator if they are to operate in the country without issues. Investors must also be aware of the market volatility that comes with cryptocurrencies, taking necessary steps to protect themselves and their investments.



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