Philippines Securities and Exchange Commission Clarifies Binance Ban
The head of the Philippines Securities and Exchange Commission, Kelvin Lee, addressed the confusion surrounding the ban on Binance during a panel discussion. He stated that the ban would take effect three months after the advisory was issued by regulators. This clarification comes after Binance received an advisory for operating without a license on November 28. Lee mentioned that the original recommendation was for a one-month ban, but he decided to extend it to three months due to the Christmas holiday. He also revealed that OctaFX and MiTrade, two other exchanges facing advisories, would also be banned after three months.
Wait-and-See Approach
The local SEC has a list of unregistered exchanges that will gradually emerge, but they are adopting a “wait-and-see” approach to determine if these exchanges will register after witnessing the actions taken against Binance.
Criticism and Consumer Protection
Lee faced criticism regarding the Binance ban as it is cheaper compared to registered exchanges. However, he emphasized the importance of compliance and consumer protection. He urged local investors to work with registered entities and highlighted that there are currently 17 virtual asset service providers registered in the country that offer fiat-to-crypto services.
Hot Take: The Importance of Registration and Consumer Protection
The Philippines Securities and Exchange Commission’s clarification on the ban of Binance highlights their commitment to registration and consumer protection in the cryptocurrency industry. By extending the ban to three months, they aim to provide ample time for exchanges like Binance, OctaFX, and MiTrade to comply with regulations. This move also serves as a warning to other unregistered exchanges, urging them to consider registration. The SEC’s emphasis on working with registered entities emphasizes their focus on ensuring the safety and security of Filipino investors. Compliance and consumer protection remain at the forefront of their efforts to regulate the crypto market.
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