Filipino Access to $500K Binance Airdrop Blocked Post SEC Caution

Binance issued a regulatory compliance warning to Filipino users trying to join the ‘Swap to Win’ airdrop.

Photo for the Article - Filipino Access to $500K Binance Airdrop Blocked Post SEC Caution
  • Binance has displayed a warning to Filipino users attempting to participate in its ‘Swap to Win’ airdrop, citing regulatory compliance. 
  • Users worldwide also reported similar restrictions, and Binance clarified that the availability of the Web3 wallet is limited to specific regions to adhere to regulations.
  • The Philippine SEC issued a warning against Binance, the firm initially announced a marketing halt in the Philippines but later retracted, expressing a commitment to comply with regulations.

Binance is displaying a warning to Filipino users when they attempted to take part in its recent $500,000 airdrop event. The move comes in the heels of a recent regulatory warning from the Philippine Securities and Exchange Commission (SEC) about the global crypto exchange’s operations in the country.

Read the latest Binance news in the Philippines:

Binance Displays Warning to PH Users

Upon opening the link for the exchange’s airdrop, Filipino users are presented with a prompt stating that the feature is not available in the region following local regulations.

BitPinas made multiple attempts to access the airdrop link using various methods, including directly opening the link from the X app, attempting desktop mode in a phone browser, and accessing it through both the Binance app and website. However, the same prompt consistently appeared in every attempt. 

Photo for the Article - Filipino Access to $500K Binance Airdrop Blocked Post SEC Caution

Additionally, the team made an effort to access the link without logging in to a Binance account. However, the prompt simply indicated that users should log in to access regular Binance services, with a note stating that the airdrop is not available in the region.

Several users from other areas of the world also reached out to Binance to express their concerns, noting that they too were unable to access the feature. Binance responded that, as of now, the availability of the Binance Web3 wallet is limited to certain regions, under regulatory compliance.

In November, the Philippine SEC cautioned against Binance for unauthorized operations, emphasizing compliance with local regulations. The Commission also sought collaboration with the National Telecommunications Commission (NTC) to block unregistered crypto exchanges in the country.

Binance initially announced a halt in Philippine marketing but later retracted, expressing a commitment to align with regulations. 

Binance Airdrop

In line with the recent milestone of Bitcoin breaching the $40,000 mark, Binance is hosting the ‘Swap to Win‘ airdrop from December 5 to 31, 2023, with a $500,000 token reward pool, including a chance for one user to win 1 BTC. 

Participants must complete KYC and use the Binance Web3 Wallet to qualify for token swaps. They can claim various tokens, from ETH to SHIB, ensuring multiple opportunities to win.

Reaction to Binance’s Possible Ban on PH

In response to the news, the Filipino cryptocurrency community is responding in a variety of ways to the warning against Binance and the possibility of domain blockage.

The situation has sparked significant discussion, with concerns raised by Filipino users about the timing of the SEC’s advisory and questions about Binance’s ability to obtain a license in the country. 

Some users suggest that the SEC should welcome foreign exchanges, like Binance, to register in the Philippines, emphasizing the potential economic growth and tax collection. 

Others commend the SEC’s move, expressing support for blocking not only Binance but all unlicensed Virtual Asset Service Providers (VASPs). 

In addition, BitPinas also interviewed legal expert Atty. Rafael Padilla to analyze the impact of this regulatory action against Binance—one of the most used exchanges in the country. 

This article is published on BitPinas: Binance Displays Warning to PH Users in Airdrop Participation


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