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Binance has been receiving a heavy backlash from global regulators and think tanks over its trading and promotion policies. In the latest development, World’s largest crypto exchange has been alleged of running local promotion offers without a permit.
Philippines Think tank Issues warning against Binance
According to the report, Infrawatch PH, a Philippines policy think tank has alerted the Department of Trade and Industry (DTI) to investigate BINANCE over Illegal Sales Promotion.
In a letter to DTI, it wrote that sales promotions have been running without the authority’s permission. It is not carrying any DTI permit number promotional advertisements. It also mentioned that this Binance applicable license and registration in the Philippines.
The report mentions that former legislator Ridon pointed out that Binance is illegally doing business in the country over the past several years. He highlighted that the exchange is an unregistered identity. Through its application, the population is trading in digital assets. This is a big disregard for the Philippine regulations.
Binance is targeting consumers by spreading promos through websites, social networking websites and other sources. Ridon explained that the population hard earned money can be gone forever through the exchange only because of Binance’s lack of regulatory license.
