It went on a countdown to the Philippine SEC banning crypto trading platforms and gave that time around three months. Currently, the Philippine government and the SEC have started banning and shutting down unlicensed exchange platforms in the country, but Binance is still accessible in the country after the countdown. The Philippine authorities have recently taken such steps. For example, the country's National Telecommunications Commission (NTC) has now started blocking companies offering investment products and exchange platforms without any necessary licenses.
Some exchange platforms have been blocked by the country's authorities. Among these exchange platforms are the websites of crypto firms MiTrade and OctaFX. Which are now not accessible in this country. Internet Service Providers have been issued an order by the Securities and Exchange Commission (SEC) of the Philippines to block MiTrade's applications and websites. The reason behind the closure of these platforms is that these platforms have violated their enforced regulations.
The SEC is in the process of starting to block websites of crypto platforms operating without licenses in the country. The NTC's action is being conducted pursuant to a request from the SEC. The SEC chairperson of the Philippines gave his opinion on this and said that the NTC's action will help prevent investment scams in the country. This is an important step as it will lead to banning of illegal platforms. He also said that the SEC and NTC have expressed their willingness to work together. He claims that these two platforms collectively play an important role in illegal investment-taking activities and other predatory financial schemes. Apart from giving his views, the SEC Chairperson also highlighted more important issues. He added that the NTC's actions support its efforts against "predatory financial schemes". And their such action thereby protects the investors in the country.
NTC has started blocking unlicensed crypto trading platforms. Their such action is mainly to protect the investors. But the important thing is that even though these exchange platforms have been closed or blocked in the country, the popular exchange site Binance is still accessible in the country. According to reports. However, a law was issued in the country last November 29 to announce the closure of this popular exchange platform. But three months after their warning, Binance is still accessible in the country. But according to that, this popular exchange site should have been banned in the country on 29th of last month. However, a statement from the SEC makes it unclear when it will proceed with a Binance ban.
In late November last year, on the 28th, the Philippine SEC issued a warning against the popular exchange platform Binance. Investors in the country are told that the trading platform is not authorized to offer securities in the country. Last month they issued a warning in this regard. And at that time they said that Binance would have to apply for registration in the country if they wanted to legally operate there. And it is further said that if it has to provide adequate information about the securities it offers. If you want to know more about this then you can read this news .