Cryptocurrency exchange Binance continues to be operating within the Philippines with no necessary approval or license, based on the local securities regulator.

The Philippines Registration (SEC) issued an alert against Binance on November. 28, informing the general public the exchange isn’t approved to market or offer securities in the united states.

The announcement emphasized that the exchange like Binance must make an application for registration and supply more information about offered securities before selling these to the general public. Such more information includes the issuance cost, the character of securities along with other data.

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The Philippines’ Securities Regulation Code (SRC) also requires securities issuers to become registered in the united states prior to being offered for investment. The issuer also needs to get a secondary license to market or offer securities towards the public, the statement notes, adding:

“Based around the Commission’s database, the operator from the platform Binance isn’t registered like a corporation within the Philippines and operates with no necessary license and/or authority to market or offer any kind of securities as defined under Section of the SRC.”

Additionally to operating with no necessary license, the SEC contended that Binance have been illicitly promoting its services in the united states. The regulator cautioned entities involved with promoting or buying and selling on Binance might be held criminally liable under Section 28 from the SRC.

This can be a offense that carries the penalty of the fine as high as 5 million Philippine pesos ($90,300), or jail time of 21 years, or both, under Section 73 from the SRC, the statement notes.

Binance didn’t immediately react to Cointelegraph’s request comment.

This can be a developing story, and additional information is going to be added because it opens up.

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