Photo credit: Binance

The Securities and Exchange Commission (SEC) of the Philippines has taken action to block the online presence of cryptocurrency giant Binance. Following its March 12 meeting, the Commission En Banc approved a formal request to the National Telecommunications Commission (NTC) seeking assistance in blocking access to Binance's website and associated web pages within the country.

Binance, a leading platform in the cryptocurrency space, has come under scrutiny for operating an investment and trading platform without the necessary licensing from the SEC. In a letter addressed to the NTC, SEC Chairperson Emilio B. Aquino emphasized the potential threat to the security of investors' funds posed by the continued accessibility of Binance's platforms to Filipinos.

The SEC's move comes as it identifies Binance's offerings, including spot trading with leverage, futures contracts, option contracts, cryptocurrency savings accounts, staking services, and support for initial coin offerings, as operating without proper authorization.

Binance, which boasts of being the largest cryptocurrency website globally, facilitates an extensive range of cryptocurrency trading activities, with an average daily trading volume of $65 billion across over 402 cryptocurrencies. Additionally, the platform claims a staggering membership of over 183 million users.

This action by the Philippines SEC signals a growing regulatory crackdown on cryptocurrency exchanges and platforms operating without the requisite licenses and regulatory approvals.