- Features such as airdrops, referral programs, and NFT certificates on Binance are reported to be no longer available in the Philippines.
- Upon accessing the site, a prompt warns users against participating in Binance airdrop programs due to regulatory compliance concerns.
- While features like airdrops and NFT certificates are restricted, the Binance referral program is still available for users in the Philippines.
More than two months after the Philippine Securities and Exchange Commission (SEC) warned against global exchange Binance, its features such as airdrops, referral program, and non-fungible token (NFT) certificates are reportedly no longer available in the country.
(Check out the BitPinas Binance coverage in the Philippines.)
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No longer available?
Recently, an X user shared that the above-mentioned Binance features are no longer accessible in the Philippines.
“It’s a shame to hear nothing from the new management as the SEC deadline nears!” the user stated.
Upon verification by BitPinas, site visitors were presented with a warning against participating in any of its airdrop programs—whether active or already concluded—, citing concerns related to regulatory compliance.
In December, Binance issued a regulatory compliance warning to Filipino users attempting to participate in the ‘Swap to Win’ airdrop. Users from various global regions also contacted the exchange with the same concerns and the firm clarified that the availability of the Binance Web3 wallet is currently restricted to specific regions due to regulatory compliance. This time, however, there are no clarifications if the same reason applies.
A crypto airdrop is a promotional strategy where cryptocurrency startups distribute free tokens or coins to increase awareness and ownership of their project.
Binance Academy NFT Certificate Status
Users interested in utilizing the Binance Academy are also informed that NFT certificates are currently unavailable in their country or region.
Binance Academy is a non-profit blockchain education platform providing comprehensive and accessible content for cryptocurrency users globally. It covers topics from blockchain fundamentals to trading strategies and DeFi protocols, it caters to both beginners and experienced enthusiasts. Upon finishing a course in the academy, users receive non-transferrable/non-tradeable tokens as proof of their completion.
Status of Referrals
However, as BitPinas checked Binance referrals, the feature is still available and working.
Referral programs provide opportunities to earn money by inviting others to join crypto platforms. These programs require no initial investment and rely on socialization and networking skills for promotion.
Binance in PH
Last month, SEC Commissioner Kelvin Lee clarified that the Binance ban is set to take effect three months from the issuance date, which was November 29—following this the due would be by the end of February. However, he mentioned the possibility of extending the timeline based on feedback. The SEC noted that it is adopting a “wait-and-see” approach for other unregistered exchanges, with a long list yet to be released.
In late November 2023, the SEC issued an advisory against the exchange for engaging in unauthorized operations. Additionally, Lee announced a proposal for collaboration with the NTC to block unregistered cryptocurrency platforms in the country.
Consequently, Binance acknowledged the concerns raised by the Commission highlighting its commitment to compliance with local regulations, and outlined proactive measures implemented under new leadership to address regulatory issues.
- Overview of Binance’s PH Operations
- PH Crypto Community Reacts to SEC Warning vs. Binance
- Is Binance Going to be Banned in the Philippines?
This article is published on BitPinas: Binance Referral, Airdrop, Acad NFTs Now Blocked in Philippines
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