The Philippines’ SEC is taking steps to block local access to Binance, citing that the exchange operates without the necessary license.

The National Telecommunications Commission (NTC) of the Philippines has approved a request from the regulatory body to block access to Binance's website and its services across the country.

Emilio Aquino, Chairperson of the SEC, has informed the NTC about the perceived risks Binance poses to the financial well-being of Filipino investors. The SEC alleges that Binance has been offering various services, such as crypto savings accounts and leveraged trading options, without obtaining the necessary authorizations.

While the exact number of Filipino users on Binance is unknown, research by GWI suggests that the Philippines boasts over 9.3 million cryptocurrency owners, ranking it as the seventh largest country in terms of crypto ownership.

In November, the SEC issued a warning against Binance, stating that the exchange was operating in the Philippines without the required permits. The commission has also called on tech giants Google and Meta (formerly Facebook) to cease any advertisements by Binance targeting Filipino consumers, citing concerns over social media promotions aimed at attracting investors from the Philippines.

Binance is facing regulatory hurdles in various countries. The exchange has been under scrutiny in Nigeria since February, with its regional manager recently detained as part of an investigation and subsequently fleeing the country using a fake passport.