The Philippine government has banned unlicensed crypto exchange sites, with Binance unaffected

Update March 7, 11:10 UTC: This article has been updated to clarify that other ISPs have not yet implemented the NTC mandate.

The National Telecommunications Commission (NTC) of the Philippines has begun blocking the websites of crypto companies that offer investment products in the country without the necessary licenses.

On March 7, local media Bitpinas reported that the websites of crypto companies MiTrade and OctaFX are now inaccessible by one of the country's largest internet providers. The NTC ordered internet service providers on February 21 to block Mitrade apps and websites for violating regulations enforced by the Philippine Securities and Exchange Commission (SEC).

The NTC's action follows a request from the SEC to begin blocking websites of crypto platforms operating without a license in the country. In a press release, SEC Chairman and CEO Emilio Aquino said the NTC's action will help prevent investment fraud in the country. Aquino said:

“SEC and NTC will continue to work together to take similar actions against other platforms that facilitate illegal investment activities and predatory financial schemes.”

Aquino also pointed out that the NTC's actions will support their efforts on “rescue financial schemes” and protect investors in the country.

The Binance exchange will remain accessible in the country as the NTC begins to block unauthorized crypto trading platforms, according to the report. On December 13, 2023, the panel, SEC Commissioner Kelvin Lee said that the ban on Binance in the country will take effect three months after its release on November 29, which suggests that Binance should have been banned on February 29. , the SEC statement did not specify when the ban on Binance will continue.

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In the year The spokesman said:

“The SEC is currently reviewing all developments of the ban, including the impact on the funds of Filipino customers. We are working with other government agencies on the process of restricting the activities of unregistered entities in the Philippines.”

In the year On November 28, the SEC issued a warning on Binance, the trading platform for investors in the country is not allowed to offer securities in the country. The announcement emphasized that Binance must apply for registration in the country and provide sufficient information about the securities it offers.

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