Philippines SEC Begins Binance Ban Countdown

Philippines SEC Begins Binance Ban Countdown – The head of the Philippines Securities and Exchange Commission, Kelvin Lee, stated on Dec. 13 that Binance and other unregistered exchanges receiving advisories would face a ban three months after the advisory is issued. As per a BitPinas report, Lee mentioned that there has been significant online confusion regarding the ban following the issuance of an advisory to the cryptocurrency exchange on Nov. 28 for operating without a license.

He was asked to clarify the matter and that the ban was “supposed to be three months from the issuance date,” which he said was given on Nov. 29. “Depending on how feedback is, we can actually extend that, but currently, we should feel lucky with the three months.” He said the original recommendation was one month, even a “one-week transition period,” but he decided on more time due to the Christmas holiday. 

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“Not to make it hard for Filipino investors during that time,” he said. Alongside Binance, Lee stated that OctaFX and MiTrade, two other exchanges recently advised for operating without registration, will also be subject to bans within three months. The local SEC mentioned having a substantial list of unregistered exchanges that will be revealed gradually. 

Nonetheless, it is adopting a “wait-and-see” approach to assess whether these exchanges will choose to register, observing the actions taken against Binance. The report said Lee received criticism regarding the Binance ban because it is “cheaper” than other registered exchanges. “Of course, they are cheaper because they never bothered to register in the Philippines and bothered to comply,” he said. 

“Unlike the registered entities, there is of course compliance costs.” He cautioned local investors to “invest in registered entities,” saying there are currently 17 virtual asset service providers registered in the country that offer fiat-to-crypto services. “At the end of the day, it’s about registration. At the end of the day, it’s about consumer protection. Work with the registered entities.”

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