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##PhilippineSEC #Philippines #PhilippinesCrypto
BINANCE ABOUT TO BE BLOCKED THIS MONTH IN THE PHILIPPINES?
Philippines SEC begins Binance ban countdown
The head of the Philippines SEC clarified that Binance and any other unregistered exchange issued with an advisory has three months before they are banned from the country.
According to a report from local news BitPinas, Lee said there has been a lot of confusion on the internet about the ban after regulators issued an advisory to the cryptocurrency exchange for operating without a license on Nov. 28.
“Depending on how feedback is, we can actually extend that, but currently, we should feel lucky with the three months.”
In addition to Binance, Lee said that OctaFX and MiTrade, two other exchanges recently issued with advisories for unregistered operations, also face bans after three months.
The report said Lee received criticism regarding the Binance ban because it is “cheaper” than other registered exchanges.
He cautioned local investors to “invest in registered entities,” saying there are currently 17 virtual asset service providers registered in the country that offer fiat-to-crypto services.
BINANCE ABOUT TO BE BLOCKED THIS MONTH IN THE PHILIPPINES?
Philippines SEC begins Binance ban countdown
The head of the Philippines SEC clarified that Binance and any other unregistered exchange issued with an advisory has three months before they are banned from the country.
According to a report from local news BitPinas, Lee said there has been a lot of confusion on the internet about the ban after regulators issued an advisory to the cryptocurrency exchange for operating without a license on Nov. 28.
“Depending on how feedback is, we can actually extend that, but currently, we should feel lucky with the three months.”
In addition to Binance, Lee said that OctaFX and MiTrade, two other exchanges recently issued with advisories for unregistered operations, also face bans after three months.
The report said Lee received criticism regarding the Binance ban because it is “cheaper” than other registered exchanges.
He cautioned local investors to “invest in registered entities,” saying there are currently 17 virtual asset service providers registered in the country that offer fiat-to-crypto services.