The Philippine National Telecommunications Commission (NTC) Blocks Websites of Crypto Firms MiTrade and OctaFX Following SEC’s Request
The Philippine National Telecommunications Commission (NTC) has taken action to block websites and apps of crypto companies offering investment opportunities without the necessary licenses. This action was initiated following a request from the Securities and Exchange Commission (SEC). The websites of crypto firms MiTrade and OctaFX were found to be inaccessible through one of the country’s largest internet providers, as reported on March 7 by local media Bitpinas.
In response to the SEC’s request, the NTC issued a memorandum instructing all internet service providers to block the websites and apps of MiTrade for violating securities regulations enforced by the SEC. The SEC Chairperson, Emilio B. Aquino, expressed gratitude to the NTC for supporting their efforts in combating investment scams and protecting the investing public. Aquino emphasized the importance of such directives in preventing illegal investment activities and predatory financial schemes.
Despite Warnings, Binance Remains Accessible in the Philippines as NTC Blocks Unlicensed Crypto Platforms
The NTC in the Philippines has taken steps to block unlicensed crypto trading platforms. However, Binance remains accessible in the country despite regulatory warnings. The SEC had previously warned Filipino investors that Binance is not authorized to sell or offer securities in the country. The regulator urged Binance to seek registration and comply with regulatory requirements.
In addition to operating without a license, the SEC argued that Binance had been illicitly promoting its services in the country. The regulator warned that entities involved in promoting or trading on Binance may face criminal liability under Section 28 of the Securities Regulation Code (SRC). This offense carries a penalty of a fine up to 5 million Philippine pesos ($90,300), imprisonment of 21 years, or both, under Section 73 of the SRC.
In a panel discussion in December 2023, then-Commissioner Kelvin Lee mentioned that Binance, OctaFX, and MiTrade were candidates for blocking. He clarified that the ban was supposed to be three months from the issuance date of November 29. However, the SEC has not specified the implementation timeline.
Hot Take: Philippine Gov’t Cracks Down on Unlicensed Crypto Exchanges, Binance Still Accessible
The Philippine government is taking strong action against unlicensed crypto exchanges in an effort to protect investors and combat illegal investment activities. The NTC has blocked websites and apps of crypto firms MiTrade and OctaFX following a request from the SEC. However, despite warnings from regulators, Binance remains accessible in the country. This raises concerns about the effectiveness of regulatory measures and highlights the challenges in enforcing compliance in the crypto industry.
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