The post Binance’s alleged commitment to compliance faces fresh test in the Philippines appeared on BitcoinEthereumNews.com.

How Binance reacts to its imminent expulsion from the Philippines will prove a key test of the digital asset exchange’s alleged commitment to regulatory compliance. Last November, the Philippine Securities and Exchange Commission (SEC) announced that it had initiated restricting access to Binance based on the exchange’s longstanding refusal to secure a license to operate in the country. The announcement opened a three-month window where local residents could withdraw their assets from Binance before the whip comes down on February 29. The announcement came shortly after Binance’s $4.3 billion settlement of criminal charges brought against the exchange and its founder/CEO, Changpeng ‘CZ’ Zhao, by U.S. authorities. It also followed multiple requests by the Philippine think tank Infrawatch PH for the SEC and other government agencies to take action against Binance before serious harm befell the exchange’s numerous Philippine customers. The SEC said it would work with the National Telecommunication Commission (NTC) and the Department of Information and Communications Technology (DICT) to block local access to the Binance website. The SEC also asked Google (NASDAQ: GOOGL) and Facebook’s parent company, Meta (NASDAQ: META), to block Binance’s marketing material from appearing on Philippine users’ devices. The SEC suggested in December that it could delay its February 29 deadline depending on the “feedback” it received from unspecified sources. Outside of government, the Philippine public appears split on whether or not the restrictions will truly curb their access to the exchange. At the time of the SEC’s November announcement, Binance issued a statement saying it was “committed to aligning with applicable local regulations.” Binance further claimed that under its “new leadership”—a.k .a. CZ’s replacement Richard Teng—it had “taken proactive steps to address the SEC’s concerns.” Binance may have a new leader but the above statement is the same non-specific runaround the exchange habitually issued whenever a regulator in a particular market fired a shot across the…

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Filed under: News - @ February 22, 2024 12:20 pm