- After it was alleged that cryptocurrency exchange Binance was operating without the required license, the company may be banned in the Philippines.
- Uncertainty and possible consequences.
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The world’s largest cryptocurrency exchange, Binance, received a notice from Philippine financial regulators in late November informing it that it was conducting business in the nation without the required authorization. They made it clear that Binance was not permitted to offer or sell securities in the Philippines and advised people not to use the platform. The regulators gave Binance until the end of February to fix the problem, after which they would stop allowing it to continue operating.
Notice of Binance’s deadline in the Philippines
The Philippines’ Securities and Exchange Commission (SEC) is considering the possible repercussions of prohibiting Binance as the deadline draws near. This includes taking into account the money that Filipino account holders have invested. According to an SEC spokesperson, they are working with other government organizations to develop the protocol for limiting the activities of unregistered entities in the Philippines.
The exchange has not publicly addressed the regulatory concerns despite the approaching deadline. The Filipino cryptocurrency community is unsure of whether the SEC will carry out its promise to ban Binance or give the exchange an extension because of this lack of communication. Co-founder of BloomX, a cryptocurrency exchange platform in the Philippines, and assistant vice president at GCash Luis Buenaventura expressed frustration at the SEC’s lack of clarity.
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An already turbulent time for the exchange is made worse by this possible action taken against it. In November, Binance entered a historic guilty plea in the US, acknowledging that it had broken banking regulations and pled to pay $4.3 billion in fines. After co-founder Changpeng Zhao entered a guilty plea to breaking US banking laws, Binance named Richard Teng as the new CEO.
Teng promised to improve regulatory compliance everywhere. But under its new leadership, the Philippines’ situation turned out to be a major test for the exchange. The exchange has not yet addressed the particular problems mentioned by Philippine regulators. The SEC chastised Binance for using multiple people and organizations to advertise the exchange and threatened to prosecute them if they persisted in doing so.
Ambiguity and possible consequences
The agency also asked Google and Meta, two of the biggest tech companies, to stop showing Binance adverts to Filipino users. The SEC’s chief, Kelvin Lee, stated in December that the exchange would be prohibited for three months following the November 29 advisory, though he did not completely rule out an extension.
The Filipino cryptocurrency community predicts that, should the ban come into effect, it will take effect on February 29. Some people, such as attorney Rafael Padilla, have maintained that the exchange cannot be prohibited by authorities without a judge’s approval. Nonetheless, there hasn’t been any fresh word on the proposed prohibition from the National Telecommunications Commission or the SEC.
The local cryptocurrency scene saw a significant transformation in 2019 with Binance’s arrival in the Philippines. $1 million in trades were recorded by BloomX, the first vendor in the Philippines on its peer-to-peer platform. Because Binance’s platform had much lower transaction fees than other local exchanges, Filipino users had a strong demand for competitively priced cryptocurrency trades.
The future of Binance’s operations in the Philippines is uncertain due to the unresolved regulatory issues between the exchange and the Philippine authorities. As the deadline draws near, interested parties watch for additional information from regulatory bodies and Binance to shed light on the current state of affairs and any possible ramifications for the Filipino cryptocurrency community.
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