Friday, July 19, 2024

Binance Faces Mounting Troubles as Banned in Philippines and Nigerian Controversy Lingers.

The world’s largest cryptocurrency exchange is dealing with several legal issues in various jurisdictions, as cryptocurrencies are emerging from a two-year hibernation period to embark on a bull run. In a recent development, the Philippine government said that Binance would not be allowed to operate, citing the company’s lack of an official operating licence. The action comes as Binance faces yet another legal struggle on top of the regulatory investigation it is already facing in Nigeria.

According to Republic Act No. 8799, also known as the Securities Regulation Code (SRC), Binance is not in possession of a licence from the SEC to solicit public investment or to establish and run an exchange for the purchase and sale of securities. The Securities and Exchange Commission (SEC) of the Philippines made this information public through an official notification.

Emilio B. Aquino, the chairperson of the Philippines’ SEC, stated, “The SEC has determined that the public’s continuous access to (Binance) websites and apps poses a threat to the security of investing Filipinos.”

The nation’s National Telecommunications Commission has received an order to impose restrictions on all access to the Binance website and application. Citizens of the nation that used the site are worried about their money’s security. Social media users in the Philippines are posting screenshots of websites linked to Binance that are no longer loading. People are contacting Richard Teng, the CEO of Binance, at the moment, asking for advice.

The Philippines has previously voiced its worries regarding Binance’s unlicensed operations. Since November of last year, the SEC has been raising red flags regarding this topic nationwide. The exchange hasn’t discussed this development yet. But this occurrence does represent a significant setback for the exchange, which has been working to become the global cryptocurrency exchange with the most licences.

Australia and Abu Dhabi are presenting challenges for Binance, a company with licences in France, Italy, and Kazakhstan.

Nigeria is keeping a close eye on Binance as well. Nigeria’s House of Representatives Committee on Financial Crimes reportedly called Teng, the exchange’s CEO, earlier this month due to concerns about the exchange’s potential role in money laundering and terrorism financing.

In the meantime, Nadeem Anjarwalla, a Binance executive, made a startling escape this week from the hands of Nigerian police. It is believed that he may have escaped the country using a counterfeit passport. Nigeria is now searching for Anjarwalla.

Binance reported earlier this month that its user asset holdings had crossed the $100 billion threshold.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular