Philippines SEC Blocks Access to Binance Exchange
The Philippines Securities and Exchange Commission (SEC) has taken a significant regulatory step by blocking local access to Binance, the world’s largest cryptocurrency exchange by trading volume. This move was based on Binance’s failure to obtain the necessary license from the commission to operate as an investment and trading platform.
Blocking Binance’s Website And Services
In a meeting held on March 12, the SEC decided to file a formal request with the National Telecommunications Commission (NTC) to help in blocking Binance’s website and related web pages. The SEC stated that Binance was offering investment and trading services without the required license, posing a threat to the safety of Filipino investors’ funds.
- SEC’s request to NTC to block Binance’s website and web pages
- Binance operating without the necessary license
- Posing threat to Filipino investors
Warnings Against Binance
- Public warning issued regarding investing in or using Binance’s services
- Binance lacks proper license for soliciting investments
- People advised to transition to authorized investment products
The regulatory body has been exploring the possibility of blocking Binance’s presence in the country since November 2023 due to its significant operations. However, they have allowed time for investors to move their portfolios to compliant investment products and platforms.
CommEX Closure After Binance Acquisition
CommEX, the exchange that acquired Binance’s Russia business in September, has announced its decision to close down. The delisting process begins on May 10, preventing users from accessing any content related to the exchange. Various steps will lead to its closure.
- CommEX shutting down operations
- No new user registrations from March 25
- Stoppage of asset transfers and deposits
- Cessation of futures trading on March 28
- P2P services restrictions from April 2
Further changes include the delisting of trading pairs and closure of the spot market, ultimately resulting in the unavailability of CommEX’s official website on May 10, 2024.
Hot Take: Conclusion on the SEC’s Actions
The Philippines SEC’s decision to block access to Binance and the closure of CommEX following their acquisition of Binance’s Russia business mark significant developments in the regulation of cryptocurrency exchanges in the country. Investors are advised to comply with regulatory requirements and transition their assets to authorized platforms to avoid potential risks associated with unlicensed operators. It remains essential for regulatory bodies to protect the interests and funds of investors in the rapidly evolving crypto landscape.
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