Infrawatch PH, a public policy think tank, has called on the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) to strengthen their oversight of cryptocurrency exchanges operating in the Philippines. In a letter to the SEC, Infrawatch PH highlighted the regulatory violations and scrutiny faced by Binance and Coinbase, two of the largest cryptocurrency trading platforms. These violations include mishandling customer funds, money laundering, fraud, and offering illegal securities. Infrawatch PH emphasized the need for stronger regulatory action to protect the financial security of millions of Filipino cryptocurrency traders.
Infrawatch PH’s letter pointed out that Binance and Coinbase have been operating in the country for several years and have attracted investments from approximately 3.4 million Filipino users. Despite the regulatory advisories issued by the SEC and the BSP, Infrawatch PH expressed concern that Binance was allowed to participate in a Senate committee hearing, stating that it demonstrates the company’s disregard for regulatory requirements and laws.
To safeguard Filipino customers, Infrawatch PH suggested that the SEC and BSP should prohibit local banks and nonbank financial institutions from processing payments to Binance. This would further restrict the operations of unregistered cryptocurrency exchanges in the country.
It is crucial for the government to prioritize the regulatory oversight of cryptocurrency exchanges to mitigate the risks faced by customers and ensure the integrity of the financial system. By strengthening regulations, the Philippines can create a safer environment for cryptocurrency traders and protect their investments.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.