Binance has no records with SEC, according to Finance Secretary Dominguez.
CARLOS DOMINGUEZ III — The Finance secretary reminded Filipinos that Binance has no records with the Securities and Exchange Commission (SEC).
Binance is currently the world’s largest crypto exchange and the BNB token is the 5th biggest digital token in the world. Although the company has no office in Manila, it uses third-party firms which employ Filipinos for its customer and tech support.
According to a report on Manila Bulletin, Dominguez said that Binance is not registered with SEC as a company as well as with the BSP (Bangko Sentral ng Pilipinas).
“For non-registered entities, we issue a reminder to the public regarding dealing with entities not registered with the BSP because they cannot get legal protection from the BSP given that they are not supervised by us,” Dominguez told reporters. “This is also the case with other online businesses that are domiciled abroad but have a global reach and not registered domestically.”
On Wednesday, Binance founder and CEO Changpeng “CZ” Zhao was in Manila for a series of meetings with regulators. According to him, the company is looking to get two licenses from regulators — EMI (Electronic Money Issuer) license and VASP (Virtual Asset Service Provider) license.
Zhao also downplayed reports of Bloomberg and Reuters that detailed a US securities probe and money laundering allegations, respectively.
According to a report on Rappler, Zhao said in a briefing in Manila last June 8 that Bloomberg’s report of Binance facing a probe by the United States Securities and Exchange Commission over its BNB token is simply “not new news.”
In response to Reuters’ report stating that Binance allegedly “served as a conduit” for laundering at least USD 2.35 billion in dirty money, Zhao added that they asked Reuters for a list of transactions and also asked for them to clarify how they provided the number.
“We asked them for a list of transactions and we asked for them to clarify how they provided the number. They could not provide us supporting information. How did you calculate this? Give us the list of transactions. We would like to go through that list with law enforcement,” he said.
CZ also responds to news reports of Bloomberg and Reuters.— Ralf Rivas (@RalfRivas) June 9, 2022
Bloomberg reported that Binance is facing an SEC probe over BNB.
Reuters investigation found that Binance was used for money laundering.@rapplerdotcom pic.twitter.com/ed4hUod1zz