THE Securities and Exchange Commission (SEC) has made moves to block the cryptocurrency platform Binance in the Philippines.

The SEC said in a statement that in an Commission En Banc meeting, they approved the filing of a formal request with the National Telecommunications Commission (NTC) asking them to block the website as well as other web pages that are being used by Binance.

According to the SEC, Binance offered an investment and trading platform without the necessary license from the Commission.

“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC Chairperson Emilio Aquino said.

It will be recalled that in November last year, the corporate regulator said that thy are looking to block access to Binance, as it is not authorized to sell or offer securities.

Binance has yet to issue any statement.

Binance defines itself as a facility for trading financial instruments and offers investment products —including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offerings, the SEC said.