Infrawatch PH Asks Phillippines Regulator to Crack Down on Binance

Infrawatch PH, a think-tank based in the Phillippines is calling on National regulators to crack down on Binance for a number of reasons. As reported by Bitpinas, drawing reference from a letter sent by Infrawatch convener, Terry Ridon, to the Department of Trade and Industry (DTI), the think-tank accuses Binance of illegally operating in the country and is known to promote businesses without the right permits.

“We would like to bring to your immediate attention the illegal sales promotion of Binance which presumably have been launched without the necessary DTI permit considering the absence of a DTI permit number in the promotional advertisements and the general lack of applicable license and registration of Binance in the Philippines,” Terry said.

“As you may be aware, Binance, an unregistered entity in the Philippines, has been offering its services in the country for several years already. Their unregistered activity allows Filipinos to buy and sell cryptocurrencies and with wanton disregard of Philippine regulations, they perform the functions of a Virtual Asset Service Provider (VASP) through an unregulated platform,” he added.

The think-tank accuses Binance of serving as a brooding ground for illegal activities and has been used to launder money running into billions. This particular claim was fueled by a recent Reuters report accusing Binance of the same, a claim the trading behemoth has refuted.

Accusations by Infrawatch PH that Binance is Not Safe

Infrawatch PH posited that users’ funds on Binance are not safe, appealing to the DTI to speedily restrict the trading platform from continuing with its illegal activities in the country. In addition, Terry’s letter noted that to get the most of the offers from the trading platform, users are required to promote the products and services to others.

“The Filipino participants are even required to register or refer the promotions to people to register in Binance, purchase or avail themselves of products and services offered by Binance, or join competitions in order to get a chance to win these prizes,” Terry added.

This year, Binance has been on the better side of regulation, securing licenses from Bahrain, France, and Italy among other regions. The call from Infrawatch PH may draw a close look or probe from Phillippines regulators, however, that the exchange is ready to work with these regulators might help it retrace its stance in the country if all the claims are confirmed to be true.