The Philippines SEC chief clarified that Binance and any other unregistered exchange issued with advice have three months before they are barred from operating in the nation.
The ban on Binance would take effect three months after the recommendation was released, as stated by Kelvin Lee, the head of the Philippine Securities and Exchange Commission, during a panel discussion on December 13.
According to a report by the local news outlet BitPinas, Lee stated that a lot of misunderstandings exist online regarding the prohibition, after the regulators’ Nov. 28 recommendation to the cryptocurrency exchange for operating without a license.
He was questioned about the situation and responded that the ban was “supposed to be three months from the issuance date,” which he stated was November 29.
“We can actually extend that based on feedback, but for now, we should consider ourselves fortunate to have the three months.”
According to him, the first suggestion was for a one-week period—even a “one-week transition period”—but he chose to extend it because of the Christmas break. He stated, “Not to make it difficult for Filipino investors during that time.”
Lee said that OctaFX and MiTrade, two more exchanges that recently received advisories for unregistered activities, will also be banned after three months in addition to Binance.
According to the local SEC, a “sizable” list of unregistered exchanges will eventually surface. They are also trying to adopt a “wait-and-see” stance, though, with regard to whether or not the exchanges will register in light of the action taken against Binance.
Conclusion
The Philippines’ SEC’s decision to start the countdown for a potential ban on Binance has sent shockwaves through the global crypto community. While the ultimate outcome remains uncertain, this move highlights the increasing regulatory scrutiny of crypto exchanges and the potential challenges they may face in the future. It is important for Filipinos and crypto enthusiasts worldwide to stay informed and adapt to the evolving landscape of cryptocurrency regulation.
