A local think tank in the Philippines has asked the country’s government to sanction crypto exchange firm, Binance from Operating in the country.
The firm, InfraWatch PH in a letter addressed to the Philippine government accused Binance of promoting adverts on cryptocurrency without permits.
InfraWatch claimed that Binanceb casually places such ads on social media, with a particularntarget of Filipino users.
This, InfraWatch said was against the regulations of the country, as the firm was performing the functions of Virtual Assets Providers without permission.
Binance made it known earlier that it was highly committed to meeting all regulations in the country.
While the country was yet to receive its VASP and EMI licenses, its CEO, Chanpeng Zhao said that the firm was continuously liaising with the Philippine government to ensure transparency and accountability in its operations.