Think tank Infrawatch PH has sent a letter to the Philippine Ministry of Commerce and Industry requesting that crypto exchange Binance be investigated for illegal marketing campaigns.

Analysts say there are Binance promotions targeting Filipino consumers on various social media platforms. Terry Readon, head of Infrawatch PH, said the exchange is effectively acting as a virtual asset service provider (VASP) in the country that is unlicensed and disregards local regulations.

A Binance spokesperson said the exchange takes compliance seriously and has implemented mandatory KYC procedures for its users. The next step is to get a license. VASP and an electronic money issuer in the Philippines.

This isn’t the first time Infrawatch PH has spoken out against Binance’s local activities. Last month, analysts urged the Philippine Central Bank to take legal action against the platform, calling it a “danger to society” amid falling prices of major cryptocurrencies.

Recall that in June, Binance CEO Binance Changpeng Zhao announced the exchange’s plans to apply for a license in the Philippines. The head of the company expects the procedure to be carried out in a few months.

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