Binance Responds To SEC’s Letter To Infrawatch PH

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Binance: “We have written to the SEC to clarify the false and misleading allegations in the Infrawatch complaint”

BINANCE — Here’s what the the world’s largest cryptocurrency exchange said in response to Securities and Exchange Commission’s letter to Infrawatch PH.

Binance

To recall, the Securities and Exchange Commission (SEC) said in a letter to Infrawatch PH dated August 2 that Binance is “not a registered corporation or partnership” based on its initial assessment and doesn’t possess the necessary authority and or license to solicit investments.

According to SEC, only registered corporations can apply for and be issued the necessary licenses to solicit investments in the Philippines.

Considering these circumstances, we caution the public not to invest with Binance,” the Securities and Exchange Commission said in its letter obtained by GMA News Online.

Then Finance Secretary Carlos Dominguez said last June that the world’s largest crypto exchange is not registered with the Securities and Exchange Commission as a company as well as with the Bangko Sentral ng Pilipinas.

READ ALSO: SEC Warns Public About Investing In Binance

In response to SEC’s letter to Infrawatch PH, Binance has issued a statement addressing allegations that is operating in the country without the required license.

The company said that it is fully aligned with the Securities and Exchange Commission’s mission to protect users and also sees regulation as key factors to achieving this.

As a global blockchain infrastructure provider, Binance is constantly working with key stakeholders to invest in broader user education campaigns,” the company said in a statement obtained by Inquirer. “We encourage the growth of positive innovations such as blockchain and look forward to having open dialogue with the SEC and any other industry participants that share our vision of financial inclusion and empowerment.

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