The world’s leading cryptocurrency exchange, Binance, is now facing legal battles in multiple territories around the planet. These battles occurred during the cryptocurrency reemergence after the decline in the digital currency space, which lasted two years. Strikingly, The Philippines made a move to distribute a ban on Binance as it was explained that this exchange did not have a legally approved permit for operation. The authority inconvenience falls when Binance is already battling the scanning in Nigeria.
The Securities and Exchange Commission (SEC) of the Philippines announced that Binance did not obtain the required public investment direction license or provide a stock exchange, which, according to the Securities Regulation Code, is necessary. As a result, the SEC officially voiced its apprehension about the danger that Filipino investors would be exposed to should the owners of Binance continue to make their sites and apps accessible in the Philippines.
The ban is being enforced through a directive to the National Communications Commission of the Philippines to prohibit Binance from using its website and app. Filipinos became too safety-concerned about their money, and they started uploading screenshots of websites associated with Binance on social media to show that related sites no longer open. Beni now inlined to Binance’s CEO Richard Teong when he needed help during this unstable period.
This prohibition is part of the Philippines’s continual apprehensions about how Binance continuously runs its unlicensed trade in the country that has been with the SEC, signifying since November the year before. Being aware of the components of the problem, Binance is not yet thought to have come out openly with the ban. This failure has problematic implications for the exchange, which consistently attempted to establish itself as one of the top entities in the domain of the largest licensed cryptocurrency exchange.
Besides the Philippines, the hurdles that the Binance is fighting are the ones that exist in the countries, including Australia, Abu Dhabi, and Nigeria. The key figure of the trading platform in the case of Nigeria, the CEO of Binance, has recently been summoned by the local authorities, fearing the involvement of the trading in money laundering or terror financing. The disaster gained more mass appeal when Nadeem Anjarwalla, one of the executives at Binance, was claimed to break out of their arrest in Nigeria, catalyzing a manhunt throughout the country.
