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Binance's Top Philippines Exec Exits Amid License Limbo
Departure deals blow to exchange's regulatory ambitions after crypto giant slapped with SEC ban
Anuj Kumar Verma
December 01, 2023
• Binance bid to acquire Manila firm, eyed licenses in Philippines crypto market growth.
• But SEC advisory names exchange an unauthorized securities seller, orders access blocked.
• Stern's unexplained departure casts doubt on Binance's local legitimacy hopes.
Binance Philippines Executive Bids Farewell
Binance's ambitions to cement legitimacy in the Philippines took a major hit this week as general manager Kenneth Stern - the face of its local expansion - abruptly exited after 3 years.
Stern's unexplained departure came right as the country's Securities Exchange Commission dropped a bombshell advisory naming Binance an unauthorized securities seller, ordering Google and Facebook to block its ads locally.
Philippines Regulatory Landscape
The notice gives Filipino users three months to close positions and withdraw funds before the SEC vows to revoke access entirely. It landed just after founder Changpeng Zhao resigned as CEO amid US money laundering charges.
Philippine Licence Hopes Now in Peril
Ironically, Binance announced plans last year to acquire a Manila-based firm for VASP and EMI licenses in a regulatory push - with Stern spearheading efforts as a country lead.
But with its exchange ban looming and top executive in the market gone, Binance faces deeply uncertain horizons in one of Asia's hottest crypto battlegrounds.
For Web3 cheerleaders heralding adoption tipping points, the episode highlights how much work remains before virtual assets become mainstream.
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