Stay informed about the latest developments in the Philippine crypto market as the SEC initiates actions against unlicensed platforms while Binance remains accessible despite a looming ban threat. Learn more about the regulatory landscape and its impact on cryptocurrency trading in the Philippines.
The Philippine National Telecommunications Commission (NTC) has taken decisive action against unlicensed cryptocurrency platforms operating in the country, signaling a crackdown on unauthorized investment products. Websites of crypto firms MiTrade and OctaFX have been blocked by one of the country’s largest internet providers, following an order issued by the NTC on February 21.
The move follows a request from the Philippines’ Securities and Exchange Commission (SEC) to block websites of crypto platforms operating without the necessary licenses. SEC Chairperson Emilio Aquino emphasized that this action is crucial in preventing investment scams and protecting investors from predatory financial schemes.
While the NTC has swiftly acted against unlicensed platforms, one major player, Binance, remains accessible in the country despite facing a ban threat. The SEC had issued a warning against Binance on November 28, stating that the trading platform is not authorized to offer securities in the country. However, despite the looming ban, Binance continues to operate.
SEC Commissioner Kelvin Lee had indicated that the ban on Binance would come into effect three months after it was issued on November 29, potentially banning the platform on February 29. However, the exact timeline for implementing the ban remains unclear, leaving investors and industry observers in uncertainty.
In response to queries about the potential impact of a Binance ban, an SEC spokesperson stated that they are assessing the situation. The SEC’s warning against Binance underscores the need for crypto platforms to comply with regulatory requirements and obtain the necessary licenses to operate legally in the Philippines.
As regulatory authorities in the Philippines intensify their efforts to regulate the cryptocurrency market, investors and traders must stay updated on developments and adhere to compliance measures to ensure the security of their investments.
