According to Paolo Ong, an officer from the SEC, the agency has granted consumers three months and somewhat more time to withdraw their assets from the exchange.
The Securities and Exchange Commission (SEC) has blocked the cryptocurrency exchange Binance from the Philippines, leaving users who are unable to withdraw their money in a timely manner to fend for themselves.
The local press reported that Paolo Ong, who heads the SEC’s PhiliFintech Innovation Office, said that the SEC cannot provide solutions to recover cash in the event that ISPs in the nation block Binance.
According to Ong, investors have been given enough time to withdraw their money from the exchange as the regulator has extended the period until the suspension is enforced and issued a three-month warning.
The authority was under the impression that investors would have moved their money to a local exchange or wallets before the deadline.
Ong said they don’t have any suggestions on how people may get their money back when asked what happens if they can’t withdraw it in time. His words were:
“Now that the blocking order is out, we are unable to recommend any manner for them to withdraw their funds.”
In a March 25 directive, the country’s National Telecommunications Commission (NTC) ordered all ISPs to immediately disable access to Binance. In order to fulfil the directive, the NTC allowed local ISPs five days.
When questioned about the continued accessibility of the exchange in the nation after the warning, Ong said that they are actively striving to completely enforce the prohibition.
As of this writing, Cointelegraph was able to confirm that the Binance website was still accessible from inside the nation.
During a news conference in Manila on June 8, 2022, former Binance CEO Changpeng Zhao said that the exchange was applying for licenses in the nation.
Ong did point out that the exchange had not applied to the SEC to officially register in the nation. “According to Ong,”
“As far as the SEC is concerned, neither the Philippines nor any official application have been made to register.”
In addition, the official brought up the fact that the SEC had issued many public warnings before to implementing the prohibition in the interview. The Securities and Exchange Commission issued a public warning against investing in Binance in 2022. A government official has said that the exchange lacks the necessary credentials to advertise its services to potential investors in the nation.
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