SEC Warns Public About Investing In Binance

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SEC: “Considering these circumstances, we caution the public not to invest with Binance.”  

SEC — The Securities and Exchange Commission (SEC) recently warned the public about investing in crypto exchange platform Binance.

SEC

To recall, Infrawatch PH called on the Bangko Sentral ng Pilipinas to ban the said crypto exchange platform, citing the platform’s lack of VASP (Virtual Asset Service Provider) license and the volatility of cryptocurrency.

At that time, Infrawatch PH convenor Terry Ridon said the government should ensure that only registered companies in the country are allowed to receive money from the public and that those entities have a track record of customer protection and financial regulation compliance.

Last June, then Finance Secretary Carlos Dominguez said that Binance is not registered with the Securities and Exchange Commission as a company as well as with the central bank.

READ ALSO: Dominguez Says Binance Has No Records With SEC

The Securities and Exchange Commission, in a letter to Infrawatch PH dated August 2, said that Binance is “not a registered corporation or partnership” based on its initial assessment.

Binance

According to the Securities and Exchange Commission, Binance doesn’t possess the necessary license and or authority to solicit investments as “only registered corporations can apply for and be issued the necessary licenses to solicit investments”.

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

Also, the Securities and Exchange Commission urged patrons of Binance to file a complaint for “violation of the provisions of the Securities Regulation Code, the Revised Corporation Code and other laws, rules and regulations being enforced by the Commission”.

GMA News Online reported that Infrawatch PH provided a copy of the said letter to the media.

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