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Philippine SEC Proceeds To Block Binance, Citing Threat To Security Of Investor Funds

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Key Takeaways

  • The Securities and Exchange Commission (SEC) of the Philippines has decided to block the Binance cryptocurrency exchange platform in the country.
  • The decision was made in a March 12th meeting of the SEC en banc, with approval granted for a formal request to the National Telecommunications Commission (NTC) to assist in blocking Binance’s website and associated web pages.
  • The SEC emphasized the importance of protecting investors and stated that it is working with the NTC to block websites offering illegal investments in the country, similar to actions taken against other platforms like OctaFX and MiTrade.

The Philippine Securities and Exchange Commission (SEC) has formally requested the country’s National Telecommunications Commission (NTC) to restrict public access to Binance’s website, applications, and associated platforms. The move stems from concerns about the exchange operating without a license, citing a “threat to the security of investor funds of investing Filipinos.”

PH SEC’s Previous Warning In November 2023

The Philippine SEC issued a warning in November 2023 about the risks of using Binance. However, the regulatory agency provided a 90-day grace period to allow Filipino investors time to withdraw their funds and transition to authorized platforms.

The SEC had already taken similar action against other platforms like OctaFX and MiTrade in February.

Internet Service Providers In The Philippines To Comply

With the recent announcement, internet service providers (ISPs) in the Philippines have already complied with the request, and there have been numerous reports of Binance users in the country not being able to access the Binance platform at the time of writing.

Crypto Adoption In The Philippines

The Philippines is one of the hotbeds for cryptocurrency adoption within the Southeast Asian region. According to Chainalysis’ recent study, the country ranked fifth in terms of crypto transaction volume within the Central & Southern Asia and Oceania (CSAO) area in 2023. However, the Philippines experienced a steep decline in this metric the previous year, having previously ranked within the top three.

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