Tag: Binance

Manila, Philippines – The Securities and Exchange Commission (SEC) of the Philippines has released an advisory stating that the now-troubled cryptocurrency exchange Binance is not authorised to operate in the country. This comes after Binance found itself in hot water recently with the US Justice Department telling the firm to pay US$4.3b in penalties and forfeitures.

According to the recent advisory from SEC, Binance is not registered as a corporation in the Philippines, and operates without the necessary license and/or authority from the government.

Moreover, it has also mentioned that those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of the platform may be fined of up to PHP5m (~US$90.2k) or may be imprisoned for up to 21 years.

More recently, a US$1b class action lawsuit was filed against celebrity football star Cristiano Ronaldo for his involvement in promoting Binance through its marketing campaign.

Outside of these issues, Binance chief Changpeng Zhao had stepped down and pleaded guilty to breaking US anti-money laundering laws, while its newly-elected chief Richard Teng is also facing scrutiny for years of intrusive US financial monitoring and an ongoing US SEC lawsuit.

Bangkok, Thailand – Gulf Energy, a national electric power generation company, has announced that it has entered into a memorandum of understanding (MoU) with global cryptocurrency exchange Binance in establishing a digital asset exchange business.

As part of the MoU, Gulf Energy has also announced that it will be investing in Binance’s cryptocurrency coin BNB. The announcement by Gulf Energy to enter into the cryptocurrency business was made during the company’s recent regulatory filings with the Stock Exchange of Thailand (SET).

“The company believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the Company to expand into other digital asset-related initiatives in the future,” Gulf Energy said in the regulatory filing.

In addition, Gulf Energy has announced that it has invested in a series seed preferred stock issued by BAM Trading Services Inc., the operator of a regulated digital asset exchange in the USA under the name Binance.US.

Gulf Energy’s venture into cryptocurrency is announced despite recent regulatory changes from the Thai government regarding the use of cryptocurrency and digital assets as means of payment.

Petaling Jaya, Malaysia – MX Global, a Malaysian-based fintech company, has scored an equity investment to build brand awareness, hire more high-quality talent and develop new features within Malaysia’s regulatory framework. 

Said equity investment came from global cryptocurrency and blockchain ecosystem Binance and a Redeemable Convertible Preference Shares (RCPS) investment from digital business solutions provider Cuscapi Berhad.

MX Global is one of the four Recognized Market Operator-Digital Asset Exchange (RMO-DAX) that has been granted full approval by the Securities Commission Malaysia (SC) in July 2021 and complies with the standards and practices to uphold investor protection in conducting safe and secure trading of cryptocurrencies in the country.

In addition, MX Global offers solutions for users to store and trade cryptocurrencies under compliant and safe cyber-security environments including a regulated local cryptocurrency exchange.

Dato’ Fadzli Shah, CEO of MX Global, said, “MX Global aspires to be the preferred liquidity platform for digital asset or cryptocurrency investors and token issuers locally and internationally. The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy and real digital asset ecosystem for our customers.”

Meanwhile, with this initial effort to support sustainable growth in the cryptocurrency market in Southeast Asia, Binance hopes to work with regional and local partners to drive further collaborations.

Changpeng Zhao (CZ), founder and CEO of Binance, said, “We see potential in Malaysia given its respected and innovative crypto and blockchain community. We believe that partnering with MX Global will be a springboard to new opportunities, both in Malaysia and the region as a whole as well as across the entire crypto and blockchain ecosystem.”

Lastly, Datuk Jayakumar Panneer Selvam, executive chairman at Cuscapi Berhad, commented, “This historic collaboration between digital assets and payment systems will create integration and synergy that will bring together the high potential of the use of cryptocurrency to conduct commerce. With blockchain and smart contracts being increasingly incorporated into our lives, the potential for this will be massive.”