The Financial Regulator of the Philippines has announced to block local user access on Binance!

Cryptocurrency exchange Binance is one of the most popular and powerful exchanges today. Recently this popular exchange was announced by the Financial Regulatory Authority of the Philippines to block local user access. More importantly, many countries have recently been allowing exchanges to license and threatening to close or impose time limits on unlicensed platforms, including Hong Kong. The country's financial regulator recently raised concerns about the firm's unlicensed operations in the country.

According to documents yesterday, the country's Securities and Exchange Commission (SEC) claimed it had obtained the help of the National Telecommunications Commission (NTC) to block access to the website and online trading platform of popular exchange Binance. Such measures are taken when the money of the citizens of the country is threatened and when the money of the investors is threatened, such measures are taken. No exception to this is the action taken by the SEC who identified the aforementioned platform and concluded that continued public access to these websites/apps poses a threat to the safety of investment funds of Filipinos.

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Currently, many countries are restricting large exchanges from applying for a license to transact or do business within the country. Because many big exchanges are still doing business without a license, illegally in many countries due to which the government of the country or the regulatory body thinks that it is very dangerous for the investors of that country to keep money in such exchanges. Binance offers leveraged trading services and investment products such as crypto savings accounts without required licenses. That's what the Philippine Securities and Exchange Commission thinks, and they think that such activities by popular exchanges violate their securities regulation code.

However, investors will be given time before it is closed, the SEC said. The ban will take effect within three months to give investors time to exit their positions held through Binance. Even so, the Philippine regulator asked Google and Meta to block Binance-related ads from showing up on their platforms for Filipino users. This is a big blow for the popular exchange site Binance. Because it is already involved in a big scandal. Below we recall what happened with Binance late last year where a US court ordered Binance to pay $2.7 billion and its former CEO, Changpeng "CZ" Zhao, to pay $150 million to the Commodity Futures Trading Commission.

We also know that former CEO of popular exchange site Binance Zhao has been charged with multiple civil charges related to anti-money laundering laws and has been fined a huge amount and pleaded guilty to a criminal charge. Zhao is still awaiting sentencing on money laundering charges. His sentencing was delayed until April 30. He is currently free on a $175 million release bond. However, at present such steps will have some impact on the exchanges. At the same time, in many countries including Hong Kong, a few days ago, we saw the news that the Nigerian government has imposed restrictions on this exchange for illegal transactions. However, such steps are mainly taken to protect the money of the country's investors and to make legal transactions in the country.