The Philippines Securities and Exchange Commission (SEC) has decided to restrict Philippine users from accessing Binance. This decision was made because Binance failed to obtain the necessary license from the commission to operate as an investment and trading platform.

In a statement released on Monday, the SEC requested the National Telecommunications Commission (NTC) to help in blocking Binance's website and associated web pages during a meeting on March 12. The SEC accused Binance of providing investment and trading services without the required license and posing a threat to the safety of Filipino investors' funds.

SEC Chairman Emilio Aquino stressed the importance of safeguarding the interests of investors in the request to the NTC. Aquino expressed concerns about Filipino investors' funds being at risk due to the continued access to Binance's platforms. Binance, which boasts an average daily trading volume of $65 billion and supports over 402 cryptocurrencies, has accumulated more than 183 million users in the country.

Despite its large user base, the SEC reiterated that Binance lacks the necessary license to seek investments from the public or operate a securities exchange. Therefore, the SEC issued a warning against investing in or using Binance's services.

The commission has been considering blocking Binance's online presence in the Philippines since November 2023 due to the platform's significant operations. However, the SEC has allowed investors ample time to transition to authorized investment products and platforms.

Additionally, CommEX, the exchange that acquired Binance's Russia business, announced the closure of its operations. The delisting process will start on May 10, preventing users from accessing any content related to the exchange.

CommEX will cease new user registrations, asset transfers from Binance, and deposit services on March 25. By April 18, all trading pairs for Simple Futures and Futures Trading will be delisted, prompting users to close their positions. The spot market will be closed on April 23, automatically canceling all spot orders and features. Finally, on May 10, CommEX's official website will be delisted, rendering all exchange-related content unavailable.

Disclaimer: The information provided should not be considered trading advice. It is recommended to conduct independent research or seek advice from a professional before making investment decisions.