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Philippine government crackdown on unlicensed cryptocurrency exchanges, Binance still available.

These measures may be a response to the need to regulate the cryptocurrency industry and ensure the safety of investors, eliminating the activities of illegal platforms.

Date: 2024-03-08 Author: Łukasz Michałek
Philippine government crackdown on unlicensed cryptocurrency exchanges, Binance still available.

ThePhilippine National Telecommunications Commission (NTC) has initiated the blocking of websites belonging to cryptocurrency companies offering investment products without the necessary licenses in the country.

TheNTC has taken steps to block websites and applications offering investment opportunities without licenses, at the request of the SEC. on March 7, local media outlet Bitpinas reported that as a result of an NTC order issued on February 21, the websites of cryptocurrency companies MiTrade and OctaFX were no longer available through one of the country’s largest Internet providers.

on February 21, in response to the SEC’s request, the NTC issued a memorandum to all ISPs advising them to remove MiTrade’s websites and applications on the grounds that they violate securities laws.

Despite the warnings, Binance remains available in the Philippines

The Philippine NTC has begun blocking unlicensed cryptocurrency trading platforms , yet Binance remains available in the country despite regulatory warnings.

on November 28, the Securities Exchange Commission warned investors in the Philippines, informing them that the exchange is not authorized to sell or offer securities in the country. In order to comply with regulatory requirements, Binance was urged to apply for registration and provide relevant information about the securities it offers.

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The SEC found that Binance illegally advertised its services in the country, in addition to operating without the required license. Under Section 28 of the SRC, the regulator said those promoting or trading on Binance could face criminal prosecution. The statement said the offense carries a penalty of a fine of up to 5 million Philippine pesos ($90,300) or imprisonment of up to 21 years , or both, under Section 73 of the SRC.

During a panel discussion in December 2023. then-Commissioner Kelvin Lee specifically mentioned that Binance, OctaFX and MiTrade were candidates for blocking. Lee said there was a lot of confusion online about the ban after regulators issued a recommendation to cryptocurrency exchanges on Nov. 28 to operate without a license.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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