The Philippine Securities and Exchange Commission (SEC) recently issued a statement pointing out that Binance operates trading businesses in the Philippines without registration:
The Philippine SEC urges the public not to use such unregistered online investment platforms, while also warning those who operate and promote Binance platforms in the Philippines that they may be held criminally liable, with penalties of up to five million Philippine pesos (approximately 2 million New Taiwan dollars) or 21 years of imprisonment, or both.