Infrawatch PH, a Filipino think-tank, has asked for the Department of Trade and Industry’s (DTI), to investigate Binance exchange’s illegal operation in the Philippines.
According Bitpinas obtained a copy the Infrawatch convener Terry Ridon’s letter. The regulator has been alerted to Binance’s local promotions without a permit, according to Bitpinas.
“We would love to draw your attention to the illegal promotion of Binance,” the letter stated.
Ridon claimed that Binance is a breeding ground to criminal activities because the exchange is well-known as a place for money launderers. The Think-Tank’s position hinges on a Reuters earlier report, which stated that billions of dollars had been laundered through the trading platform during the past few decades. A claim Binance has denied.
Infrawatch Claims Binance Operates Illegally
Ridon, who is a former legislator and a lawyer, said Binance is illegally trading in the Philippines.
Binance, a Philippine unregistered entity, has been providing its services in the Philippines for several years. Filipinos can buy and sell through their unregistered activities cryptocurrencies He said that they performed the functions of a Virtual Asset Service Provider, (VASP), through an unregulated platform and had blatant disregard for Philippine regulations.”
Binance was hit hard in 2021 when many regulators removed its license from it, starting with the UK and moving on to Hong Kong and South Africa. Over the last 12 months, Binance has strengthened its relationships with regulators and secured operation licenses for key regions, such as France, Dubai and Italy.
Although the InfrawatchPH call could be considered a major setback, Binance frequently reiterates its commitment to working with regulators. This may be an opportunity for the DTI to take action.