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Philippines SEC Gave Users Three Months With An Extension to Withdraw Their Funds Before the Ban, Some Users Didn't.
In a local news report, Paolo Ong, the officer in charge of the SECâs PhiliFintech Innovation Office, said that the SEC couldnât endorse ways to retrieve funds after Binance is blocked by internet service providers (ISP) in the country.
Ong said that the regulator has already given a three-month warning and extended the time before the ban is implemented to give investors enough time to remove their funds from the exchange.
The official hoped that investors would have already transferred their funds to either a local exchange or their wallets within the specified time frame.
When queried about the fate of users unable to withdraw their funds in time, Ong stated that they do not have any suggested means for users to reclaim their money. He said:
âUnfortunately, we canât endorse any method on how to take out their money now that the blocking order is out.â
On March 25, the National Telecommunications Commission (NTC)Â
ordered internet service providers (ISPs) in the country to immediately block access to Binance. The NTC gave local ISPs five days to complete the order.
When asked why the exchange is still somewhat accessible in the country even after the notice, Ong said they are still working to implement the ban fully.
LIVEThe Philippines Securities and Exchange Commission (SEC) has taken a significant regulatory step by blocking local access to Binance, the worldâs largest cryptocurrency exchange by trading volume.Â
According to a release issued by the regulator on Monday, the SECâs decision was based on Binanceâs failure to obtain the necessary license from the commission to operate as an investment and trading platform.Â
Binanceâs Website And Services BlockedÂ
In its March 12 meeting, the SEC approved filing a formal request with the National Telecommunications Commission (NTC) to assist in blocking Binanceâs website and related web pages.Â
With an average daily trading volume of $65 billion and support for over 402 cryptocurrencies, Binance has gained a substantial user base of more than 183 million members in the Asian country, according to the regulator.
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