Why is Binance banned in the Philippines?

Could you elaborate on the reasons behind the ban of Binance in the Philippines? It seems like a rather unexpected move given the widespread popularity and usage of cryptocurrency exchanges globally. I'm particularly interested in understanding the specific regulatory concerns or violations that led to this decision. Was it due to security concerns, compliance issues, or perhaps something else entirely? It would be helpful to gain a clearer picture of the circumstances surrounding this ban and its potential impact on the local cryptocurrency community.