Dear reader,
The Securities and Exchange Commission (SEC) of the Philippines is intensifying its efforts to block access to crypto exchange platform Binance, citing concerns over the security of Filipino investors’ funds.
With approval from the National Telecommunications Commission (NTC), the SEC aims to restrict local access to Binance’s main website and affiliated platforms. Emilio Aquino, SEC chairperson, emphasised the perceived threat posed by Binance’s unlicensed services, including crypto savings accounts and leveraged trading products.
Despite the SEC’s warnings, data suggests a substantial crypto user base in the Philippines, ranking 7th globally with over 9.3 million owners.
The SEC’s scrutiny of Binance dates back to November 2023, coinciding with legal issues faced by Binance’s former CEO.
While Binance’s operations in the Philippines underwent leadership changes, the SEC remained resolute in its stance against the platform, underscoring regulatory challenges in the rapidly evolving crypto landscape.
Sainul,
Editor.
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NEWS
Philippines to move ahead with Binance ban
The Securities and Exchange Commission chairperson Emilio Aquino said in a letter to the National Telecommunications Commission that Binance is a “threat to the security of the funds of investing Filipinos”.
Indonesian lending platform Akulaku secures US$100M from HSBC
The proceeds will be used to settle some of Akulaku’s debts; Akulaku has a presence in the Philippines, Malaysia and Thailand, plus Indonesia, its major market for the company.
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The company logged adjusted EBITDA for Q4 2023 at negative US$2.9M, improving by 80% y-o-y; A factor in Bukalapak missing this milestone is its investment in Allo Bank, which dragged down the e-commerce firm’s performance.
Japan’s GMO Financial Gate infuses capital into Soft Space
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Ant Group pumps US$148M into SG digibank unit Anext Bank
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Reddit co-founder’s VC firm eyes Japan for AI chip investments
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Crowd Credit to pump US$50M into SEA via Helicap tie-up
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A judge just killed Elon Musk’s lawsuit against anti-hate research org
X sued the CCDH last year, accusing the group of spreading misleading claims after it published a series of unflattering reports about hate and extremism on the platform; In the lawsuit, X claimed that it lost “tens of millions of dollars” as a direct result of the CCDH’s research.
Bankrupt FTX sells stake in hot AI startup Anthropic
The shares in Anthropic were considered plum assets in the remains of the FTX empire that collapsed in late 2022 when revelations showed occurrences of massive fraud by Bankman-Fried and his close associates.
Zomato CEO has a warning for startup founders on how businesses may disappear
Deepinder Goyal warns that startups will need to innovate to create long-lasting businesses as the rapid evolution of technology will make current business models irrelevant in the years to come.
FEATURES
The rise and fall of Sam Bankman-Fried: an unrepentant ex-mogul faces down decades in prison
Bankman-Fried, who founded the cryptocurrency exchange FTX, was found guilty on 2 November 2023 of seven counts of wire fraud and conspiracy to launder money.
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Building Tokocrypro taught me the power of community: Untukmu’s Pang Xue Kai
Operating in the crypto space taught me the importance of navigating regulatory landscapes adeptly, says the Untukmu.AI founder and CEO.
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ECHELON
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