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Philippine SEC Warns Binance
Philippine SEC: Binance Ban Effective in February
Philippine SEC Warns Binance
According to Bloomberg’s report, the Philippine SEC stated in its consultation report on November 28 that Binance is not a registered company, and even the world’s largest cryptocurrency exchange platform does not have the authority to sell securities in the Philippines.
At that time, the SEC stated that it had requested the National Telecommunications Commission and the Department of Information and Communications Technology to assist in blocking access to Binance by the public. It also requested Google and Meta to prohibit online advertisements for Binance to Filipino social media users.
The SEC claims that promoters may also face criminal responsibility:
Promoters, brokers, agents, influencers, and KOLs who sell or persuade the public to invest in the Binance platform within the Philippines, even if only through online means, may be subject to criminal detention.
Philippine SEC: Binance Ban Effective in February
According to local reports, SEC Chairman Kelvin Lee reiterated on December 13 that the Binance ban will take effect three months after the previous warning.
Apparently, due to a large number of public feedback on this matter, Kelvin Lee was asked to clarify the situation. He stated:
Based on the feedback, we can actually extend the deadline, but everyone should be satisfied with three months. The initial suggestion was one month or even just one week for the transition period, but due to the Christmas holiday, SEC decided to extend it so as not to inconvenience investors.
Kelvin Lee revealed that in addition to Binance, the SEC has also issued warnings to two other unregistered exchanges, OctaFX and MiTrade, which will also face bans after three months. In addition, the SEC has a long list of unregistered exchanges that will be announced one by one.
The report pointed out that Kelvin Lee has been criticized for the Binance ban because Binance has lower fees compared to other exchanges. However, Kelvin Lee refuted this:
Of course, they are cheaper because they do not bother to register in the Philippines, comply with regulations, and of course, they have no compliance costs.
SEC
Binance
Philippines
Further Reading
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