[Breaking News] Philippines SEC Issues Advisory Against Binance for Unauthorized Operations

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.

Photo for the Article - [Breaking News] Philippines SEC Issues Advisory Against Binance for Unauthorized Operations

Update November 29 at 4:20pm – Binance to cease marketing efforts in the Philippines.

Update November 29, 2023 – from the SEC public information officer:

  • In line with the issuance of the advisory, the SEC will be requesting assistance from the National Telecommunication Commission and the Department of Information and Communications Technology to block access to Binance in the Philippines. This will prohibit users from accessing the website and its applications while inside the country.
  • The removal of access in the Philippines is expected to take effect within three months after the issuance of the advisory, in order to give Filipino investors who have holdings in Binance to close their positions and take out their investments.
  • Additionally, the SEC has requested Google and Meta, the operator of Facebook, to prohibit online advertisements from Binance appearing to users in the Philippines.

In a significant regulatory development, the Philippines Securities and Exchange Commission (SEC) has issued an advisory against the global cryptocurrency exchange, Binance, for operating without proper authorization in the Philippines.

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.

Unauthorized Securities Activities Highlighted

The SEC’s advisory explicitly states that Binance is not authorized to sell or offer securities to the public in the Philippines.

  • As per the SEC, despite being a registered broker/dealer overseas, Binance’s activities in the Philippines require adherence to specific regulations under the Securities Regulation Code (SRC). These include:
    • Registration of securities with the SEC
    • Operating as a registered corporation or licensed dealer in the Philippines
    • Possessing a secondary license for public offerings.

To find the list of BSP or Bangko Sentral ng Pilipinas-registered virtual asset service providers, click here.

Active Promotion on Social Media Platforms

The Commission highlighted Binance’s aggressive promotional campaigns on various social media platforms, aimed at attracting Filipinos to invest and trade through its platforms.

These include offerings like spot trading with leverage, futures and option contracts, cryptocurrency savings accounts, staking services, and platforms for initial coin offerings.

Photo for the Article - [Breaking News] Philippines SEC Issues Advisory Against Binance for Unauthorized Operations
Binance Website Screenshot from SEC

The SEC warned that those acting as salesmen, brokers, dealers, agents, or promoters for Binance within the Philippines could face criminal liability under Section 28 of the SRC. The penalties include a fine of up to five million pesos or imprisonment of up to twenty-one years, or both.

Public Caution Advised

The SEC advises the public to exercise caution before investing in unregistered online investment platforms like Binance. This advisory aligns with the Commission’s previous warnings against dealing with non-registered foreign entities.

SEC To Work With NTC to Block Access to Unregistered Exchanges #shorts

BitPinas Interview with SEC Commissioner Provides Context

In a recent interview at the YGG Web3 Games Summit, conducted by this writer, Commissioner Kelvin Lee mentioned the SEC’s next steps, including partnership with the NTC to block unregistered entities and the development of the Digital Asset Security Service Provider Rules.

“We will keep coming up with advisories and we’re moving forward to shut down with the NTC some of those entities that are named in the advisories, precisely because we don’t want you to operate here If you’re not registered.”

Kelvin Lee, Commissioner, SEC

This is the first time the SEC named Binance in its advisory vs unregistered exchanges. Previously, Infrawatch convenor Terry Ridon published a letter sent to him by the SEC confirming that Binance is not registered in the country. This is in response to his inquiry to the Commission and the Bangko Sentral ng Pilipinas (BSP) to ban Binance from operating in the country.

Recent Binance News: Binance Pleads Guilty

Recently, Binance has admitted to breaching the U.S. Bank Secrecy Act (BSA). As a result, Binance is set to pay a substantial penalty of $4.3 billion, marking one of the most sizeable fines ever levied against a corporate entity.

This is a developing story: Philippines SEC Issues Advisory Against Binance for Unauthorized Operations


  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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  1. Well users can use vpn unless PH e-wallets will ban transfering of funds to binance.

  2. Good day! May I confirm where this SEC advisory came from? I have been checking the SEC website but this press release is not published there. Hoping you can verify. Thank you!

    1. The press release was sent to media publications like BitPinas. You can refer to the 2 images in the article above where we published the image in full.

      Check those two images, and then compare that to the news by other publications like Rappler: https://www.rappler.com/business/securities-exchange-commission-moves-block-binance-urged-investors-close-positions/
      Or Manila Bulletin: https://mb.com.ph/2023/5/22/sec-to-block-access-to-binance-crypto-exchange-in-ph

      The SEC normally sends the press releases in advance to the media before they appear in their website. Hope that helps!

  3. The problem with our SEC trying to block is that, has our country already adopted Bitcoin as a legal tender for it to be considered a securities? As of this time countries like El Salvador, Portugal, Singapore, Malta, United Arab Emirates (UAE), Switzerland, South Korea, Japan, Nigeria, and of course USA adopted bitcoin and so their SEC and regulating bodies are able to pursue a case vs Binance. Here in the country, we need may congress to pass a law adopting Bitcoin as a legal tender just like El Salvador did.

    SEC also said that Binance is actively promoting crypto trading to Filipinos on social media, an offense in the country that may have criminal liability for the promoter. Again, I believe it may not be a crime unless there is a law in the country that criminalizes promoting the use of CRYPTO as securities. We may need a court order to determine if Binance has indeed violated any.

    1. Hi Flor, if you check the advisory, the SEC is not saying Bitcoin or any specific crypto is a security. SEC’s concern (feel free to check the attached image of the advisory press release above) are the following: Spot trading using leverage, futures contracts, option contracts,cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offering. Feel free to watch our interview with Rafael Padilla about making sense of the SEC advisory: https://bitpinas.com/webcast/binance-banned-philippines-webcast-32/

  4. I think this will not have an effect on current Filipino users as VPNs are so accessible today. If they are serious about this implementation, they will restrict e-wallets/banks from allowing withdrawal and deposit from binance. But p2p exists, so I don’t know how serious they are going to implement this.

    1. Hello! Please note that Binance itself does not allow users to access their website using VPN. (Although of course the US charge vs Binance revealed they encouraged some use of VPN for their US customers…)

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