The Philippines Securities and Exchange Commission (SEC) has banned Binance, sparking worry among Filipino crypto investors about the fate of their cryptocurrencies. Attorney Paolo Ong from the SEC clarified that the ban is part of broader regulatory efforts targeting platforms operating without compliance, not solely focusing on Binance. Approximately 14 platforms faced bans in 2023 for similar compliance failures, reflecting the SEC’s uniform approach to protecting investors.
Both Binance and eToro were cited for operating without SEC approval, emphasizing the importance of compliance. While a “grace period” has been provided for Binance users to transfer their assets out of the platform, the SEC is drafting regulations to safeguard the growing crypto transactions in the Philippines, which reached $80 billion in 2023. The establishment of the Innovation Office aims to educate the public on the risks and opportunities of new financial technologies while finalizing the regulatory framework.
Despite the SEC’s efforts, neither Binance nor eToro has applied for a license to operate in the Philippines, revealing a gap in compliance with financial regulations. This shows the SEC’s commitment to protecting investors and ensuring compliance with the legal framework.
As regulatory actions unfold, Filipino crypto investors will closely monitor developments to safeguard their investments and navigate the evolving regulatory landscape.
