Binance Banned in the Philippines, Firm’s Troubles Add to Nigeria’s Controversy

Binance! At a time when cryptocurrencies are emerging from a two-year hibernation period to embark on a bull run, the world’s largest crypto exchange is facing multiple legal crises in different parts of the binance In the latest development, the Philippine government has announced a ban on Binance because it lacks an official operational license.

The move comes as another legal battle that Binance has to deal with at a time when it is already under the regulatory scanner in Nigeria.

Binance Pursuant to Republic Act No. 8799 or the Securities Regulation Code (SRC), has not obtained a license to solicit investment from the public, or to establish and operate an exchange for the purchase and sale of securities from the SEC. This information was disclosed through an official notice issued by the Securities and Exchange Commission (SEC) of the Philippines.

“The SEC has identified that continued public access to the (Binance) websites/apps poses a threat to the investment security of the Philippines,” said Emilio B. Aquino, Philippine SEC Chairperson.

The country’s National Telecommunications Commission has been directed to restrict all access to the Binance website and app. Residents of the country who were using the platform are worried about the safety of their funds.

Screenshots of Binance-related websites no longer loading in the Philippines are making the rounds on social media. People are reaching out to the current CEO of Binance. Richard Tang To guide them in this situation.

This is not the first time the Philippines has expressed its concerns over Binance’s unlicensed operations. The SEC in the country has been raising flags against the subject ever since. November last year. So far, the exchange has not addressed this development. However, the incident is a major setback for the exchange, which aims to become the most licensed crypto exchange in the world.

Binance, which is licensed to Kazakhstan, ItalyAnd France — I face obstacles. AustraliaAnd Abu Dhabi.

Nigeria is also watching Binance closely. Earlier this month, the Nigerian House of Representatives Committee on Financial Crimes Allegedly summoned its CEO Tang over suspicions of the exchange’s possible involvement in money laundering and terrorist financing.

Meanwhile, in a shocking development this week, Binance executive Nadeem Angerwala managed to escape from the custody of Nigerian authorities. she is Allegedly Suspected of fleeing the country using a smuggled passport. Nigeria are now looking for Injerwala.

In a ___ Reports Released earlier this month, Binance claimed that its user assets have crossed the $100 billion (roughly Rs. 8,33,275 crore) mark.

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