The Philippine financial regulator, the Securities and Exchange Commission (SEC), said in late November that Binance has been operating its cryptocurrency business without authorization in the country.
The Philippines SEC has again warned against Binance’s unregulated operations in the country, sharing its shutdown timeline for the platform to ensure the safety and security of investors and users.
After issuing a official statement, which stated that Binance was not authorized to offer or sell securities to Filipinos, Philippine SEC Commissioner Kelvin Lee reminded that the cryptocurrency platform has up to three months from the issuance of the financial regulator's warning to close its operations in the country.
According to the countdown set by the SEC, Binance trading will not be available in the Philippines starting March next year.
Three months to close its operations
According to Lee, three months is enough for Filipino investors to withdraw their positions from the exchange.
“We can extend that, but right now we should feel lucky with three months.”, the SEC commissioner said during a recent panel discussion.
The actions being taken by the Philippines SEC against Binance, until now the largest crypto exchange platform in the world, follow actions taken by the United States Department of Justice in November against Binance that cost the platform More than $4.000 billion in fines and the departure of its leader, Changpeng Zhao “CZ”.
Regulators focus on cryptocurrencies
The regulatory landscape for cryptocurrencies has been evolving over the past few years. Now, financial regulators are focusing more on crypto assets, with the aim of ensuring safer trading for consumers of this asset class.
Therefore, it is crucial to highlight the importance of following established regulations, in order to provide stability, both to cryptocurrency users and to the market and the industry in general.
At Bit2Me, the exchange has been concerned with ensuring compliance with current regulations, in order to provide its users with secure access to the imposing world of cryptocurrencies and blockchain. In November, Bit2Me was named one of the most reliable cryptocurrency platforms in the world, obtaining a score of 8 out of 10, which places it ahead of Binance and other cryptocurrency platforms such as Kraken and Coinbase.
Continue reading: Bit2Me is recognized as one of the most reliable crypto platforms, ahead of Binance and Coinbase
