The Philippine Securities and Exchange Commission has urged cryptocurrency investors to withdraw their funds from Binance, reminding that the platform could shut down its operations in the country due to the lack of a regulatory license.
In November, the SEC in the Philippines had warned about Binance's unregulated operations in the country, highlighting that the cryptocurrency platform was operating illegally by offering investors access to unregistered securities. Later in December, the regulatory agency issued a new statement, remembering Binance is required to close its operations in the country in an effort to minimize the risk of unregulated operations with crypto assets.
Now, Paolo Ong, the officer in charge of the Philippine SEC’s Philifintech Innovation Office, said in an interview on One News that Binance’s closure appears imminent and that Filipino users and investors who hold funds within this platform should proceed with the withdrawal.
During the interview, Ong stressed that the Philippine Securities Commission will not grant new withdrawal methods for users following the possible ban on access to the cryptocurrency platform, which was ordained on March 25 by the agency.
Ong said the platform ban has not yet been fully implemented, as per the SEC's order to the Philippines' National Telecommunications Commission (NTC), so investors in the country can still access Binance.
As part of the measures that the regulatory agency is taking against Binance and other exchanges that do not have licenses, the orders issued to the NTC to block access to these cryptocurrency platforms stand out.
According to the Philippine SEC, the measures implemented seek to protect investors from potential scams and fraudulent operations by platforms that do not have the mandatory regulatory licenses to legally operate within the country.
The Philippines SEC has already blocked several cryptocurrency exchanges
In March this year, local media in the Philippines reported on the SEC's directive to block access to unregulated cryptocurrency platforms and exchanges, with the first to be affected by the new measures being cryptocurrency platforms. MiTrade and OctaFXBy this time, media outlets had also reported that the Binance ban, which was initially scheduled for March, had only been delayed but was still in place.
Apparently, the transition of Hubert Dominic B. Guevarra as SEC Commissioner, replacing Kelvin Lee, has been the main reason for the delay in implementing the measures announced against Binance. Emilio Aquino, chairman of the SEC of the Philippines, had said on November 29 that the platform had only 3 months to close its operations to the country's citizens and investors.
However, in March, Aquino confirmed that the SEC was seeking a ban on unregulated cryptocurrency platforms, and that Binance’s current situation would be addressed.
The challenges of cryptocurrency regulators
In addition to the Philippines, Nigeria is also seeking a ban on Binance and other cryptocurrency platforms that operate without regulatory licenses and which its regulators say are affecting the stability of its national economy.
Meanwhile, Bit2Me continues to align itself with regulations, maintaining its focus on compliance, with the aim of providing its users with secure access to the growing world of cryptocurrencies. As reported by this media, the Spanish company was named by Cointelegraph Research as One of the safest and most reliable cryptocurrency platforms in the world, scoring 8 out of 10, higher than Binance and other exchanges in the crypto industry.
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