The Securities and Exchange Commission (SEC) cautioned the public about investing in cryptocurrency exchange Binance as it was not registered to do business in the Philippines.
In a letter to Infrawatch PH dated August 2, 2022, the SEC said based on its initial assessment, “Binance is not a registered corporation or partnership.”
Infrawatch PH provided a copy of the corporate regulator’s letter to the media.
“Binance does not possess the necessary authority and or license to solicit investments as only registered corporations can apply for and be issued the necessary licenses to solicit investments,” the SEC said in its letter.
“Considering these circumstances, we caution the public not to invest with Binance,” it said.
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The corporate regulator also encouraged patrons of Binance to file a complaint for “violation of the provisions of the Securities Regulation Code, the Revised Corporation Code and other laws, rules and regulations being enforced by the Commission.”
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