Philippines' SEC to block access to the world's largest crypto exchange Binance

The Securities and Exchange Commission of the Philippines has started to restrict access to Binance, the biggest cryptocurrency exchange globally

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Its head resigned this week and entered a guilty plea to violating American anti-money laundering regulations.

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According to the SEC, the Binance operator lacked the required license and ability to sell or issue any kind of securities and was not a registered corporation in the Philippines

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According to a statement from the SEC, access in the Philippines would be removed three months after its advice was released in November

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Former Binance chief Changpeng Zhao stepped down as CEO last week

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