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April 12, 2024

Crypto exchange Binance banned in Philippines: What now for Filipino investors?

In a move to protect investors, the Philippines has blocked access to cryptocurrency exchange giant Binance.

The Securities and Exchange Commission (SEC) expressed concerns about Binance operating without a license and the potential risks to Filipino investors’ funds.

“The public’s continued access to these platforms poses a threat to the security of Filipino investors’ funds,” said SEC chairperson Emilio B. Aquino.

Binance offers various investment products, including leveraged trading and crypto savings accounts, which the SEC considers unlicensed activities in the Philippines.

While Binance boasts a global presence and a large user base, it failed to comply with Philippine regulations. This has left Filipino investors scrambling to find alternative platforms for their crypto activities.

However, the SEC provided a window of opportunity. After issuing warnings in November 2023, they allowed investors time to withdraw their funds and explore licensed investment options before implementing the block.

This action reflects the SEC’s ongoing efforts to regulate the cryptocurrency landscape in the Philippines.

The corporate watchdog previously blocked websites of other unlicensed platforms like OctaFX and MiTrade in February.