Binance Woes Pile Up, Could Get Banned For Illegal Sales Promotion Philippines

Binance has been under the scanner from global regulators all over the globe. To pile up upon its woes, Philippines government regulatory authorities have indicted the exchange of running local promotion offers without a permit.

Binance Treated As A Financial Threat

Infrawatch PH, a Philippines policy think tank has asked its Department of Trade and Industry (DTI) to investigate Binance over Illegal Sales Promotion. The think tank has written to the regulatory watchdog of Phillipines DTI asking it to investigate the exchange running promotional advertisements without any DTI permit number.

The report also quotes former legislator Ridon who exposed how the exchange has been doing business illegally in the country for several years. Ridon also alleged that the exchange is an unregistered identity and is trading in digital assets contrary to the Philippine regulations.

Radon alleged that the largest crypto exchange has been promoting among consumers through mediums like websites, social networking websites and other sources. Ridon further reasoned that the nation’s population could lose its hard earned money by investing in the exchange which does not have a regulatory license.  

More Trouble For Binance

The largest crypto exchange had responded to the Think tank’s letter to the Central Bank and stated that it is in talks with the global stakeholders. However the crux of the matter is , Binance is still not a holder of the Virtual Asset Services Provider (VASP) license.

The biggest cryptocurrency exchange is going through an intense scrutiny especially after it obtained approval from the European lawmaker. The approval gave Binance a huge boost of respectability but it has irked other European partners and French MEP asked French regulator AMF to reconsider its decision over the registration

However, Binance US has appointed Jasmine Lee as the company’s Chief Financial officer. She will be replacing interim CFO, Eric Segal.