The Philippine Securities and Exchange Commission (SEC) continues to put pressure on the Binance crypto exchange. How report local media, the regulator intends to begin completely blocking the trading platform.
The watchdog has reportedly received approval from the National Telecommunications Commission (NTC) in response to a request to close local access to the Binance website.
Terry Readon, head of Manila-based think tank Infrawatch PH, called the SEC's action “the next step in regulating the cryptocurrency sector and protecting the interests of the community.”
Back in November 2023, the SEC announced that Binance did not have a license to operate in the Philippines. Later it became known that the Commission gave the company three months to obtain the permit.
It should be noted that the regulator issued a similar document for at least two more platforms – OctaFX and MiTrade. It was assumed that their activities would also be terminated after three months if the companies failed to register.
On March 7, 2024, the websites of the MiTrade and OctaFX trading platforms became unavailable to residents of the Philippines. However, it was then reported that the restrictions did not affect the Binance exchange.
The exact number of Binance users in the Philippines remains unknown. The country took sixth place in the ranking Chainalysis in terms of adoption of crypto assets in 2023, surpassing Indonesia, Pakistan, Brazil and Thailand.
Source: Cryptocurrency
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