As cryptocurrencies emerge from a two-year slumber and head into the bull market, the world’s largest cryptocurrency exchanges are facing multiple legal crises in different parts of the world. The Philippine government also announced a ban on Binance, citing its lack of an official operating license. The move is another legal battle that Binance must contend with after already coming under regulatory scrutiny in Nigeria.

Binance has not yet obtained a license from the SEC to solicit investments from the public or to create and operate an exchange for the purchase and sale of securities, as required by Republic Act 8799 or the Securities Regulation Code (SRC). The information was disclosed through an official notification issued by the Philippine Securities and Exchange Commission (SEC).

“The SEC finds that continued public access to the (Binance) website/app poses a threat to the investment security of Filipinos,” said SEC Chairman Emilio B. Aquino.

The country’s National Telecommunications Commission has been directed to restrict all access to Binance’s website and app. Residents of the country who use the platform are concerned about the safety of their funds. Screenshots of a Binance-related website in the Philippines that is no longer loading have appeared on social media. People are contacting Binance’s current CEO, Richard Teng, to guide them in dealing with the situation.

This is not the first time the Philippines has expressed concerns about Binance’s unlicensed operations. The country’s SEC has been warning about this issue since November last year. As of now, the exchange has not resolved the issue. However, the incident does represent a major setback for the exchange, which has been aiming to become the most licensed cryptocurrency exchange in the world.

Binance is licensed in Kazakhstan, Italy and France but faces obstacles in Australia and Abu Dhabi.

Nigeria is also keeping a close eye on Binance. Earlier this month, Nigeria’s House of Representatives Financial Crimes Committee reportedly summoned its CEO Teng over suspicions that the exchange may be involved in money laundering and terror financing.

Meanwhile, in a shocking development this week, Binance executive Nadeem Anjarwalla managed to escape the custody of Nigerian authorities.he is It is said It is suspected that he fled the country by smuggling his passport. Nigeria is currently looking for Anjarwala.

in a Report Earlier this month, Binance claimed that its user asset holdings crossed $100 billion (approximately Rs 8,33,275 crore).