JUST IN: SEC Working to Shut Down Binance App in the Philippines
SEC also said they intend to shut down the Binance app that is still accessible despite the ban.
The Securities and Exchange Commission of the Philippines has explained its decision to ban Binance, the largest global cryptocurrency exchange, in an interview with One News. SEC also said they intend to shut down the Binance app that is still accessible despite the ban.
Read more: List of Things To Do Now That Binance is Banned in the Philippines
Table of Contents
Video Interview
Binance Did Not Make Any Effort to Register — SEC
According to Atty. Paolo Ong, Officer-in-Charge of the SEC Philifintech Innovation Office, with Binance already operating without a license, the SEC had reached out to the platform but ultimately felt that Binance did not make any effort to get a license or engage in dialogue with them.
“As far as the SEC is concerned, there were no formal or official application to register in the Philippines.”
Atty. Paolo Ong, Officer-in-Charge of the SEC Philifintech Innovation Office
SEC issued the advisory vs. Binance last November and gave investors a three-month window to take out their funds. This was extended until the middle of March last month, when the National Telecommunications Commission ordered Internet service providers to block access to the Binance website.
Crypto Trading Volume in the Philippines was $80 Billion
- Ong also said the transactions in the Philippines related to cryptocurrency are reportedly around $80 billion.
- Binance is not the only cryptocurrency exchange to be banned in the Philippines, with 14 platforms banned in 2023, including eToro and VM.
- The SEC only released the advisory vs eToro this week.
SEC working to get the Binance App to be shut down
- Ong addressed the question of the reporters about the fate of users who cannot close their accounts or withdraw their funds before the ban.
- Ong said they have issued advisories and press releases already for the public.
- For the record, SEC issued one advisory about Binance last November, and a press release last month about the NTC order.
- Because there was already a blocking order, Ong cannot answer what happens next to people’s fund that are still stuck, especially those who don’t watch the news and are probably long-term investors.
“Since there is already a blocking order on the ISP’s for Binance, we cannot endorse any method on how to take out their money.”
Atty. Paolo Ong, Officer-in-Charge of the SEC Philifintech Innovation Office
He acknowledged that some crypto investors can find a way around the ban.
“The crypto savvy people out there will find a way for sure, it’s up to them to find a way to take out their money.”
Atty. Paolo Ong, Officer-in-Charge of the SEC Philifintech Innovation Office
He was next asked on what happens to the Binance app, and Ong maintained they are working to shut it down.
What are the alternatives?
- Ong mentioned that the BSP has a list of licensed virtual assets services providers in the Philippines.
- He also said the SEC is working for its own crypto regulations as well.
What happens to eToro and VM?
- Ong said they will get the same fate as Binance.
Is the SEC sending the wrong message?
There’s been some discussion that the actions of the SEC is sending the wrong message, because the Commission is also saying the country is wide open for business, and that President Marcos himself is “out there” promoting the Philippines.
“We don’t see it as that, we see as supporting the local firms or the entities that wish to be under the jurisdiction of the Philippines and for that reason, we know that the investments of the people will be more secure rather than dealing an entity that’s not registered here.”
Atty. Paolo Ong, Officer-in-Charge of the SEC Philifintech Innovation Office
Situation: There is a BSP moratorium on New VASPS
The problem, however, is that the BSP has an existing moratorium on new applications for license VASPs. Ong acknowledged that even if Binance wants to register last year, they simply can’t.
This is a developing story: SEC Moves To Block Binance App in the Philippines
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