NTC orders internet providers to block access to Binance
Published March 26, 2024 10:33 AM
Updated March 26, 2024 03:13 PM
By GMA Integrated News
Internet users in the Philippines will no longer be able to access the website of cryptocurrency firm Binance after the National Telecommunications Commission (NTC) issued an order blocking the company's platform in the country.
In a statement on Tuesday, the NTC said it issued a memorandum on March 25 directing all internet service providers to immediately block access to the website of Binance.
The telecommunications regulator issued the order upon receiving the Securities and Exchange Commission's (SEC) letter-request seeking the NTC's assistance in having Binance's website blocked.
The SEC said that Binance offered an investment and trading platform without the necessary license from the Commission.
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In its formal request, the SEC said it was seeking to block Binance "in order to prevent the further proliferation of its illegal activities in the Country, and to protect the investing public from its detrimental effects on our economy."
The SEC has said that Binance has been actively employing promotional campaigns on social media to attract Filipinos to engage in investment and trading activities through its platform.
"Considering the size and volume of Binance's operations, however, the SEC ensured that the investing public would have enough time to exit the platform and reposition their portfolio in favor of authorized investment products and platforms," the SEC said.
The development came after SEC announced that its Commission en Banc approved on March 12 the filing of a formal request with the NTC for assistance in blocking the website and other Binance webpages.
The company currently has an average daily trading volume of $65 billion covering more than 402 cryptocurrencies, with a membership of over 183 million, according to the platform's website.
