the exchange allegedly used unregistered promotion means that were casually shared on social media sites to target Filipino consumers. Additionally, Infrawatch PH convenorasserted that Binance violated regulations in the Philippines by operating as a virtual asset service provider without a license.
Binance has faced numerous regulatory issues that only seem to get worse. Furthermore, unrestricted investor access to digital currencies that financial officials are unaware of and the absence of conventional investors pose threats.stated that the exchange aims to secure virtual asset service provider and electronic money issuer licenses despite not being registered in the Philippines.
The Binance official also stated that the exchange strictly enforces compliance with all applicable laws and regulations. Furthermore, the exchange has made Know Your Customer policies a requirement for its users. The official continued by saying that investments in compliance programs had not stopped.Binance has aggressively introduced new cryptocurrencies and most recently it introduced NFTs. These recent additions have been introduced in the absence of a set process.
since the start of 2022, Binance has been the target of litigations worldwide. A new lawsuit has been filed against the organization for allegedly misrepresenting TerraUSD, a stablecoin.The lawsuit states that Binance misrepresented information about TerraUSD as security. According to Lockhart’s lawsuit, TerraUSD is not registered with the SEC or any state regulators.
The investigation has also included officials examining if Binance or its employees profited from exploiting its users.Infrawatch PH has already objected to the exchange’s activity in the nation. The research group contacted the Philippine central bank in June and asked the organization to take legal action against Binance. Infrawatch described Binance as a “risk to the public” and cited the cryptocurrency meltdown as justification.Subscribe to get it daily in your inbox.