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Filipino Think Tank Makes Another Attempt to Ban Binance; Takes Complaint the Local SEC

Infrawatch PH, a Filipino think tank, demanded that the Philippines’ Securities and Exchange Commission (SEC) take action against Binance’s operations in the country in a twelve-page complaint it submitted on Monday.

In the letter, the organization requests to “immediately ban the illegal operations of Binance in the Philippines.”

Infrawatch PH also made ban requests to the govt, central bank

This is not the first time the think tank denounced the largest crypto exchange by volume. Earlier this month, the public policy group had reportedly asked the Department of Trade and Industry (DTI) to look into Binance over its promotional offers for not securing appropriate domestic licenses.

Prior to that, Infrawatch PH had written to the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, requesting that Binance be suspended and forbidden from conducting business in the nation for operating without the required permits.

However, DTI later shot down the request, citing a lack of clear legislative guidelines to do so.

This time around as well, Infrawatch PH underlined that Binance is doing business in the country without ‘complying with the basic requirement of registration and securing necessary licenses to operate’.

CZ wants to expand in the Philippines

Binance, which does not currently hold a Virtual Asset Services Provider (VASP) license in the Philippines, intends to acquire it as previously stated by Binance CEO Changpeng “CZ” Zhao. He had noted in the past, “There are at least two licenses that we are interested in. There is VASP (Virtual Asset Service Provider) license. There is an EMI license, which is more for traditional services,”

However, the convenor of public policy states, “It is public knowledge that Binance has been operating in the Philippines for several years already without appropriate authority.” Further adding, based on reports, Binance has no office in Manila and only uses third-party companies that employ Filipinos for technical and customer support services.

Infrawatch PH also
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