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Filipino Thinktank Pressures Regulators to ‘Immediately Ban’ Binance

Filipino policy institute, Infrawatch PH has filed a complaint to the SEC regarding Binance’s alleged illegal operations within the region. The latest filing will be the institute’s second attempt to push for a Binance investigation this month.

“Doing Business Without License”

The think tank called for the watchdogs to launch an investigation into the crypto exchange platform. In their 12-page filing, they outlined a series of infractions for which they believe the SEC should hold Binance liable. To start with, Infrawatch claims the crypto company has offered its services in the Philippines for several years without a proper license. 

Infrawatch PH convenor, Terry Ridon was the signatory on the letter to the SEC, with its blatant heading:

Re: Request to Immediately Ban the Illegal Operations of Binance in the Philippines.”

Ridon noted some of Binance’s unauthorized offerings; spot trading, margin trading, futures contracts, options, crypto loans, and peer-to-peer (P2P) trading. He then went on to stress the company is not registered with the Securities and Exchange Commission. 

Excerpt of Infrawatch’s filing to the SEC Philippines.

Repeated  Clamors for a Crackdown

The filing tagged its claims “public knowledge,” and pointed out a recent statement from previous finance secretary Carlos Dominguez. Just last month, Dominguez had called for Binance to undergo a rigorous registration process. He claimed the exchange has no existing records with the SEC as well as the Bangko Sentral ng Pilipinas (BSP).

Ridon also noted that there are no Binance offices in Manila. According to the convenor, the exchange utilizes 3rd-party companies with Filipino employees for its technical operations and customer services.  According to the filing, Binance has over 3.4M users within the Philippines and reportedly has plans to heighten its presence. 

Therefore, Infrawatch has called for the SEC to probe into the exchange, an immediate ban on operations, and a maximum fine. They also requested that the SEC reject all likely future applications from Binance. 

Besides Ridon’s and Dominguez’s history of Binance accusations, this is not Infrawatch’s first attempt to secure a ban on Binance from the authorities. The Philippines’ Department of Trade and Industry (DTI) rejected a complaint at the start of this month. The research institute made a similar request in this filing, they asked the DTI to investigate the platform over unlawful promotions. 

Restrictions in Other Nations and Terra Accusations

The newer filing stressed that Binance has faced regulatory scrutiny in several other nations. Indeed, the exchange is currently banned in the UK and Italy. Furthermore, the authorities in Hong Kong and Japan have issued warnings to residents concerning the platform. 

Also, in 2021 Binance fell under investigation in the US for tax fraud, money laundering, and others. More recently, earlier this month the Dutch Central Bank fined the crypto company about $3 for illegal operations.   Infrawatch took care to speak along these lines and also claimed Binance had ties to the Terra crash. 

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At the moment, Binance has not commented on the situation.

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