Philippines SEC Chair Clarifies Potential Binance Ban

Binance and other unregistered crypto exchanges in the Philippines have three months before a ban action against them takes effect.

SEC attack space ship approaching planet Binance.
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  • The Philippines has reiterated its stance against unregistered crypto exchanges.
  • The SEC chair has promised a ban action in three months.
  • Among the targets of this crackdown is Binance.

The Philippines Securities and Exchange Commission (SEC) chair has clarified when crypto exchange Binance will likely be subjected to a ban in the country.  

On November 29, the SEC issued an advisory against Binance, accusing the exchange of targeting Filipinos with crypto-focused promotional campaigns despite having no license or authority to “sell securities” under Section 3.1 of the SRC.

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Following the regulator’s alert, which included advising users against dealing with Binance, media outlets reported that the exchange’s ban in the Philippines was imminent.

SEC Chair Clarifies Possible Binance Ban

While speaking at a December 13 panel discussion dubbed Empowering Consumers: Understanding the SEC’s Directive on Unregulated Exchanges, Philippines SEC Commissioner Kelvin Lee was asked to clarify when the ban on Binance would take effect.

“It is supposed to be three months from our issuance date. Three months from November 29. Depending on how feedback is, we can actually extend that, but currently, we should feel lucky with the three months,” Lee stated.

According to Lee, the three-month window “was actually a Christmas thing so as not to traverse Christmas and not to make it hard for Filipino investors during that time,” Lee stated that some commission members recommended one week.

While the regulator’s focus seems to be on Binance, Commissioner Lee further clarified that the upcoming potential ban shall also apply to other crypto exchanges.

Unregulated Crypto Exchanges Put on Notice

Commissioner Lee noted that his commission is “doing a wait-and-see approach” to see whether unregulated offshore exchanges will take the initiative to register and apply for licenses. At the same time, the SEC “lets them have Christmas.”

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While Lee did not mention specific entities, noting that the commission “has a long list that will come out,” SEC’s recent advisories suggested that among the unregistered exchanges operating in the country are Mitrade and OctaFX.

Stay updated on why Binance will end Ruble P2P support:
Binance to End Ruble P2P Support as Part of Russia Exit

Read this article to understand Binance’s troubles in Russia:
Binance Under Scrutiny for Enabling Russian Transfers Despite U.S. Sanctions

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.