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Philippines SEC Will Ban Binance

14 Dec, 2023 Crypto News

Philippines SEC Will Ban Binance

In a panel discussion on December 13, the head of the Philippines Securities and Exchange Commission (SEC), Kelvin Lee, clarified that a ban on Binance would take effect three months after its advisory was released.

Lee stated that there has been a lot of misunderstanding online regarding the prohibition following regulators' Nov. 28 advisory to the cryptocurrency exchange for operating without a license, according to a report from local news outlet BitPinas.

When pressed for more information, he stated that the ban was "supposed to be three months from the issuance date," which was November 29.

“Depending on how feedback is, we can actually extend that, but currently, we should feel lucky with the three months.”

According to him, the initial suggestion was for a one-week period—even a "one-week transition period"—but he chose to extend it because of the Christmas break. He stated, "Not to make it hard for Filipino investors during that time."

Apart from Binance, Lee stated that two other exchanges that were recently warned about their unregistered operations, OctaFX and MiTrade, will also be banned after three months.

According to the local SEC, a substantial list of unregistered exchanges will eventually surface. It is also trying to take a "wait-and-see" stance regarding the exchanges' potential registration following the action taken against Binance.

According to the report, Lee was criticized for Binance's ban because it is "cheaper" than other exchanges that are registered.

He remarked, "Of course they are cheaper because they never bothered to comply and register in the Philippines." "Unlike the registered entities, there is of course compliance costs.”

He advised the nation's investors to "invest in registered entities," citing the 17 virtual asset service providers that are presently registered and providing 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.”

Sources:

https://cointelegraph.com/news/philippines-sec-begins-binance-ban-countdown

https://bitpinas.com/regulation/sec-clarifies-3-months-until-binance-ban/

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