Binance May Get Banned For Illegal Sales Promotion In This Nation

Binance has been receiving a heavy backlash from global regulators and think tanks over its trading and promotion policies. In the latest development, World’s largest crypto exchange has been alleged of running local promotion offers without a permit.

Philippines Think tank Issues warning against Binance

According to the report, Infrawatch PH, a Philippines policy think tank has alerted the Department of Trade and Industry (DTI) to investigate Binance over Illegal Sales Promotion.

In a letter to DTI, it wrote that sales promotions have been running without the authority’s permission. It is not carrying any DTI permit number promotional advertisements. It also mentioned that this Binance applicable license and registration in the Philippines.

The report mentions that former legislator Ridon pointed out that Binance is illegally doing business in the country over the past several years. He highlighted that the exchange is an unregistered identity. Through its application, the population is trading in digital assets. This is a big disregard for the Philippine regulations.

Binance is targeting consumers by spreading promos through websites, social networking websites and other sources. Ridon explained that the population hard earned money can be gone forever through the exchange only because of Binance’s lack of regulatory license.

More difficulties for largest exchange?

Earlier, the largest crypto exchange issued a statement regarding the Think tank’s letter to the Central Bank over other matters. It stated that they are up for discussion and trying to engage with the global stakeholders. However, Binance is still not a holder of the Virtual Asset Services Provider (VASP) license.

Meanwhile, the world’s largest cryptocurrency exchange received big scrutiny over its approval from the European lawmaker. French MEP asked French regulator AMF to reconsider its decision over the registration. However, the mentioned ruling from May gives Binance a “guarantee of respectability”.

However, Binance US has hired Jasmine Lee as the company’s Chief Financial officer. She will be replacing interim CFO, Eric Segal.