Infrawatch PH Calls On Philippine Govt to Ban Binance Over Illegal Promotions
506 views The Philippine-based public think organization Infrawatch PH has asked the Department of Trade and Industry (DTI) to investigate Binance regarding its illegal promotion of deals in the Philippines. Infrawatch PH made this request via a letter, which claimed that the platform has been targeted at Filipino users using unregistered offers.
The letter, written by the think tank’s Convenor Terry Ridon, addressed to DTI Secretary Ramon Lopez, read: We’d like to bring your immediate attention the unlawful sales promotions of Binance that is believed to were initiated without the required DTI permit due to the absence of an DTI permit number on advertising for promotion as well as the general absence of the required license and registration for Binance within the Philippines.
However, Biticodes offers traders with an AI algorithm software that automatically makes new trades by scanning the markets. Ridon was a lawyer as well as former legislator, claimed that Binance has been operating illegally throughout the Philippines for a long time. According to Ridon Binance isn’t legally registered. He also said:
The unregistered activities of Binance allow Filipinos to purchase and sell cryptocurrency. In the complete disregard of Philippine regulations, they fulfill the roles of an unregistered Virtual Asset Service Provider (VASP) via an unregulated marketplace. Ridon also noted that the advertisements of Binance focus on Filipinos across multiple platforms which include Instagram, Twitter, Facebook and various other communities.
According to him, the campaigns of Binance are designed to encourage Filipinos to adopt crypto, with the promises of earning rewards. He also said that the exchange will reward you with cash travel, international and local travel, crypto, as well as other rewards.
Binance’s Alleged Murky Past Continues Haunting It
Ridon added Ridon also noted that Binance has not earned an excellent reputation for its Anti-money-laundering policies. The Infrawatch Convenor for PH referred to Reuters report about Binance being a major hub for criminals. As per the article Binance has enabled money laundering for $2.5 billion of illicit funds in the past five years. Responding to the Infrawatch PH’s complaint to Binance, a Binance spokesperson stated that in the Philippines, Binance is looking to secure VASP as well as EMI licenses.
We continue to engage in discussions with regulators as well as people who are involved in the country. Our mission is to help contribute to the Philippines rapidly growing Web3 as well as blockchain-related ecosystem. It’s worth noting that this isn’t the first occasion that Infrawatch PH to speak against Binance. In the last month, the public think tank wrote an email in response to Bangko Sentral ng Pilipinas (BSP) asking it to block Binance from operating illegally inside the Philippines. According to the BSP’s website, Binance is not the Virtual Asset Services Provider (VASP) license.
Virtual asset companies require this license in order to operate within the Philippines. This announcement is due to the fact that Binance is still facing regulatory challenges in various areas. This year, the company shut its operations in Ontario due to an order from the Ontario Securities Commission (OSC). According to reports, Binance did not comply with regulations on securities that the OSC implemented earlier in the year.