A three-month period is provided before the ban action against Binance and other unregistered cryptocurrency exchanges in the Philippines becomes effective.
The head of the Philippines’ securities and exchange commission has provided further clarity on when Binance, a cryptocurrency exchange, is likely to face a ban in the nation.
Despite lacking the necessary license or permission to “sell securities” under Section 3.1 of the SRC, Binance was accused by the SEC of targeting Filipinos with crypto-focused advertising activities in an advisory released on November 29.
According to media sites, Binance was about to be banned in the Philippines after the regulator issued an advisory warning users not to do business with the exchange.
Filipino SEC Commissioner Kelvin Lee was asked to explain when Binance would be banned during a group talk on December 13 called Empowering Consumers: Understanding the SEC’s Directive on Unregulated Exchanges.
“Three months from the date of issue is the official deadline. A whole three months after November 29th. At the moment, we should consider ourselves fortunate with the three months, but we may extend it based on feedback,” Lee said.
Some commission members suggested shortening the three-month limit to one week, but Lee claims that was “actually a Christmas thing” meant to avoid making things difficult for Filipino investors around Christmas.
Although Binance seems to be the primary target of the regulator, Commissioner Lee has made it clear that other cryptocurrency exchanges will also be subject to the impending suspension.
Lee, the commissioner, said that his agency is “doing a wait-and-see approach” to see whether unlicensed offshore exchanges would voluntarily register. However, the SEC “permits them to have Christmas.”
Although Lee refrained from naming particular businesses, stating that the commission “has a long list that will come out,” a previous advisory from the SEC speculated that Mitrade and OctaFX are among the unregistered exchanges operating in the nation.
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