Cryptocurrency exchange Binance has been operating in the Philippines without the necessary approval or license, according to the local securities regulator.

The Philippines Securities and Exchange Commission (SEC) issued a warning against Binance on Nov. 28, informing the public that the exchange is not authorized to sell or offer securities in the country.

The announcement emphasized that an exchange like Binance must apply for registration and provide detailed information about offered securities before selling them to the public. Such detailed information includes the issuance price, the nature of securities and other data.

Related: Philippines to sell $179M in tokenized treasury bonds…

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