Dec. 2023: Binance, 3 More Entities Flagged by SEC as Illegal Investment Scheme
The SEC tagged OctaFX, Binance, Kito-Kiko Variety Shop, and House of Forex for operating in the country without proper licenses.
The SEC tagged OctaFX, Binance, Kito-Kiko Variety Shop, and House of Forex for operating in the country without proper licenses.
Coinville was listed as an inactive VASP by the BSP in August 2023.
The Digital Asset Security Service Provider Rules of the SEC will be different from the Virtual Asset Service Provider Rules of the BSP.
The revocation is noteworthy given that BEXPRESS, INC. was among the limited circle of only 19 entities in the Philippines holding a VASP license.
Update: Binance says that under its new leadership, it will take steps to address the SEC’s concerns.
This move comes just after the SEC recently said it will start naming unlicensed exchanges in its advisories going forward, as well as working with the National Telecommunications Commission (NTC) to block access to the exchanges’ websites.
This initiative is part of the SEC’s broader strategy to safeguard investors from potential risks associated with unregulated digital asset platforms.
SEC says OctaFX is not authorized to sell or offer securities in the country.
In a major victory for the U.S. government, cryptocurrency exchange Binance has pleaded guilty to violating the Bank Secrecy Act (BSA) and causing a financial institution to violate the BSA. The company will pay a $4.3 billion fine, which is among the largest penalties ever obtained from a corporate defendant. The charges against Binance stem…
Bankman-Fried was accused of defrauding FTX’s customers, lenders, and investors, leading to the collapse of the cryptocurrency exchange and its sister trading firm Alameda Research.