Policy think tank asks Philippine government to ban Binance over promotions

Local think tank Infrawatch PH has sent a letter to the Philippines’ Department of Trade and Industry (DTI), urging the government agency to launch an investigation against crypto exchange Binance for promotions without permits.The letter alleged that the crypto exchange has been targeting Filipino consumers. The Binance spokesperson also highlighted that the exchange is enforcing compliance with the applicable laws and regulations. Furthermore, the exchange has introduced mandatory know-your-customer (KYC) requirements for its users. Additionally, the spokesperson noted that they have been continuously investing in compliance efforts.