Philippine analysts call for a ban on Binance crypto exchange

Representatives of the analytical center Infrawatch PH have appealed to the Philippine Department of Trade and Industry (DTI) to ban the cryptocurrency exchange Binance, as analysts believe that the exchange illegally promotes virtual assets.

Infrawatch PH claims that Binance has been providing cryptocurrency services to Filipinos for several years without a license that would legally allow such activities. «Binance has been allowing Filipinos to buy and sell cryptocurrencies in violation of our country’s laws,» said Infrawatch CEO Terry Reardon.

This is not the first public accusation of Binance of violating the law. In early June, the U.S. Securities and Exchange Commission (SEC) launched an investigation into whether Binance Holdings violated the rules established for securities when it launched its BNB token as part of an initial coin offering (ICO) five years ago.