The Philippine Securities and Exchanges Commission (SEC) cautioned the public not to invest in the crypto exchange Binance in their response to policy think tank Infrawatch PH’s attempts to woo the SEC to take action against the exchange.
In a letter sent by SEC Director Oliver Leonardo, the public was advised to refrain from investing in the exchange. Additionally, the SEC noted that Binance is not a registered corporation based on the initial assessment. Leonardo wrote:
“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 letter highlighted that Binance is violating laws like the Securities Regulation Code and the Revised Corporation Code enforced by the SEC. Because