[Update] Binance Comments on SEC Advisory

EDIT: Nov. 29 at 4:36pm: The Binance spokesperson asks to retract its previous comment about ceasing marketing efforts in the PH as it moves to find out more information.

November 29 at 4:54 pm: Binance issues the following statement:

We acknowledge and respect the statement made by the Securities and Exchange Commission (SEC) of the Philippines. At Binance, we are committed to aligning with applicable local regulations. Under our new leadership, we have taken proactive steps to address the SEC’s concerns.

Binance spokesperson

The Latest News:

• SEC stated they will start working with the National Telecommunications Commission to block access to unregistered exchanges.
• In the afternoon of Nov. 28, 2023, SEC released an advisory vs Binance.
• At around 2pm, SEC said it has requested the NTC to block access to Binance within three months.
• The SEC said the three months is a grace period for people to take out their investments in Binance.
• SEC also released an advisory vs OctaFX, which is heavily promoted in the Philippines.

Binance most recently elected a new CEO – Richard Teng, after its founder Changpeng Zhao stepped down amid an investigation in the United States.

This is a developing story.

This article is published on BitPinas: Binance Comments on SEC Advisory

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