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SEC Philippines probes Binance over alleged illegal operations

Philippines’ think tank Infrawatch PH is continuing efforts to ban Binance in the country.

Infrawatch is asking more regulators to investigate Binance over alleged illegal operations.

Infrawatch PH filed a twelve-page complaint calling on the Philippines’ Securities and Exchange Commission (SEC) to crack down on Binance’s activities in the Philippines.

Infrawatch PH allege that Binance has been operating in the Philippines for several years without approval by appropriate authorities.

The news comes shortly after the Philippines’ Department of Trade and Industry (DTI) waved off a Binance ban proposal in early July, citing a lack of regulatory clarity from the BSP. The DTI was the first destination for Binance complaints by ​​Infrawatch PH, with the think tank asking the authority to probe the exchange over illegal promotions.

Related: Philippines’ digital transformation could make it a new crypto hub

The news comes amid a major spike in crypto trading activity in the Philippines.

In July, weekly Bitcoin (BTC) trading volumes in the Philippines peso hit a historic high on the major P2P crypto exchange Paxful.

The overall crypto adoption has also been rising in the country in recent years, with companies like PayMaya launching crypto trading features.

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