Binance Blacklisted: SEC Deems Exchange Unsafe for Philippine Investors, Halts Access

The Securities and Exchange Commission (SEC) of the Philippines has taken decisive action against Binance, the world’s largest cryptocurrency exchange. Concerned about the safety of Filipino investors, the SEC has blocked local access to Binance’s platform due to its failure to secure the necessary operating license.

Binance Faces Regulatory Pressure from SEC Over Alleged Threat to Filipino Investor Safety

Binance found itself in the regulatory crosshairs as it operated without the essential license mandated by the SEC for investment and trading activities. This shortfall prompted the SEC to label Binance as a threat to the security of investors' funds.

SEC Chairman Emilio Aquino highlighted the necessity of safeguarding Filipino investors' interests. The SEC identified Binance as a platform jeopardizing the financial security of Filipino investors, necessitating action to restrict public access to its services.

U.S. Securities and Exchange Commission Warns Against Binance, Forcing Closure of CommEX Exchange

Binance, boasting a daily trading volume of $65 billion and catering to over 183 million users in the Philippines, faces disruption as the SEC’s measures take effect. Despite its widespread popularity, Binance's unlicensed operations prompted the SEC to issue a public warning against its usage.

CommEX, the exchange that acquired Binance’s Russia business, has announced its closure. Effective March 25, 2024, CommEX will cease new registrations and asset transfers, leading to a phased shutdown process until May 10, 2024.

CommEX Exchange Gradually Shutting Down Amid SEC Warning, Halting Futures and P2P Services

The closure will impact various trading activities on CommEX. From March 28, 2024, futures trading will be limited to closing existing positions, while P2P services will restrict new advertisements and orders from April 2, 2024.

Trading pairs and the official website of CommEX will be delisted progressively, culminating in the closure on May 10, 2024. This move will render CommEX inaccessible, marking the end of its operations.