Policy think tank asks Philippine government to ban Binance over promotions

2022.07.07 17:50

Policy think tank asks Philippine government to ban Binance over promotions

Local think tank Infrawatch PH has sent a letter to the Philippines’ Department of Trade and Industry (DTI), urging the government agency to launch an investigation against crypto exchange Binance for promotions without permits.

The letter alleged that the crypto exchange has been targeting Filipino consumers with unregistered promotions that are being posted casually on social media platforms. Terry Ridon, the convenor for Infrawatch PH, said that Binance disregards Philippine regulations, as the exchange performs virtual asset service provider (VASP) functions in the country without the license.