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Philippines acts to stop the struggling cryptocurrency behemoth Binance

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Follows exchange chief resigning in wake of U.S. money-laundering case

Binance launched in Thailand in November, gaining its first foothold in Southeast Asia.   © Reuters

| Philippines

MANILA -- The Philippines securities regulator said Wednesday it was moving to block access to embattled cryptocurrency giant Binance, just a week after its top executive stepped down and pleaded guilty in a U.S. money-laundering case.

The ban is the latest blow for the world's biggest crypto exchange, which hopes to expand in Southeast Asia amid its U.S legal woes and a ban on doing business in China.

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