The world's largest crypto exchange, Binance, has recently reached a historic settlement with the U.S. Department of Justice, leading to a complete withdrawal from the U.S. market. This week, Binance faced setbacks in the Asian market.

The Philippine Securities and Exchange Commission announced on the 28th that Binance has been actively promoting itself on various social media platforms to attract Filipinos for investment and trading activities. The Binance platform is accessible and downloadable through different means, including its website, Google Play, and Apple's App Store.

The announcement also mentioned,

"On its website, BINANCE claims to operate a facility to trade financial instruments and offers investment products --including spot trading using leverage, futures contracts, option contracts,cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offerings."

The SEC specified that access to Binance in the Philippines would be revoked within three months of the advisory's issuance. This period aims to give Filipino users the opportunity to withdraw their investments from the cryptocurrency exchange.

Repeated Regulatory Setbacks

In Europe, Binance has successively withdrawn from markets in Germany, the Netherlands, Austria, Cyprus, Belgium, among others. Last month, it announced a halt to accepting new users and providing new products or services in the UK. However, Binance is currently registered and has regulated entities in five countries including, France, Italy, Spain, Poland, and Sweden.

Ex-CEO, CZ’s Bear

Binance, accused in the US of money laundering and violating banking laws, recently reached a settlement with the US Department of Justice on the 21st. They agreed to pay a hefty fine of $4.3 billion and fully exit the US market. Additionally, Binance's founder, Changpeng Zhao (CZ), admitted to violating US banking secrecy laws and money laundering laws, stepping down as Binance CEO and paying a $50 million fine.