The Philippine Securities and Exchange Commission decided to prevent access to the famous digital currency trading platform Binance within the country, due to the platform not obtaining a license from the authority.

This decision comes in the wake of the Securities and Exchange Commission's accusation that it continues to provide many investment and commercial opportunities to Filipinos without obtaining the necessary license from the commission.

The commission has now deepened its ban on Binance by asking Google and Meta to ban all marketing campaigns related to the cryptocurrency exchange in the Philippines.

However, the regulatory body informed residents that the cryptocurrency exchange is not authorized to sell or offer securities in the Philippines, while also stating that Binance's continued promotion of cryptocurrencies could attract criminal liability.