[Just Doing Its Job] SEC Chair Defends Actions Against Binance

Unregistered firms, including crypto exchanges, operating in the country are hard to pursue when fraud happens, said SEC Chairperson Aquino.

Photo for the Article - [Just Doing Its Job] SEC Chair Defends Actions Against Binance

The regulator is just doing its job.

This is what Securities and Exchange Commission (SEC) Chairperson Emilio B. Aquino said in an interview by BusinessWorld, when he was asked about the regulator’s action against Binance in recent months. 

In the same interview, Aquino said the Commission is on track to release its crypto rules by second half of the year.

It can be recalled that on March 25, the National Telecommunications Commission (NTC) ordered local internet service providers (ISPs) to block the Binance website. This followed a formal request by the SEC En Banc to the NTC on March 12 concerning this issue.

Read: [BREAKING] Binance Blocked By SEC, NTC in the Philippines

Update on Apple and Google Request

According to Aquino, Apple and Google quickly respond to app-blocking requests based on past experiences:

“I hope it’s fast. We already experienced this with lending apps before. The response is quick. It’s up to them.” 

Emilio B. Aquino, Chairperson, SEC

Just Doing Our Job – Aquino

SEC Short Selling Rules in the Philippines - SEC Emilio Aquino
Emilio B. Aquino, Chairperson, SEC

Furthermore, the SEC Chief expressed that they are just doing their job to protect crypto investors in the country, as unregistered firms, including crypto exchanges, operating in the country are hard to pursue when fraud happens. 

A prime example of this is the collapse of FTX, but luckily, the Bangko Sentral ng Pilipinas confirmed that there were no Virtual Asset Service Providers (VASPs) that were exposed during the fiasco. 

Read: Report: BSP Asks Local VASPs of FTX Exposure, Exchanges Respond

“I know there are still some investors who we are not even stopping because they’re going to it via virtual private networks. They still can. But nobody gets to blame us. Maybe others might say that we didn’t do anything to stop these apps.”

Emilio B. Aquino, Chairperson, SEC

In November 2023, the SEC surprised the crypto community in the country by issuing a public advisory against Binance, which hosts the largest daily trading volume globally.

In the advisory, the regulator tagged Binance’s features, including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, and initial coin offerings platforms, as investment contracts constituting securities.

Read: SEC Issues Advisory Against Binance for Illegal Operations

On the other hand, crypto-focused lawyer Atty. Rafael Padilla argued that the SEC cannot block Binance’s website without a court order. 

Read: Rafael Padilla: Binance’s Website Can’t be Blocked Without Court Order

Padilla even emphasized that the Binance community in the country can file a case in the court and challenge the regulator’s power to ban Binance in the country. 

Bye-Nance? Implications of Binance Blocking in PH

This article is published on BitPinas: [Just Doing Its Job] SEC Chair Defends Actions Against Binance


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