Wednesday

Binance and other unregistered exchanges including OctaFX and MiTrade in the Philippines have been issued a three-month ultimatum to take their crypto businesses elsewhere. 
Precisely, Kelvin Lee, the head of the Philippines Securities and Exchange Commission <a href="https://bitpinas.com/regulation/sec-clarifies-3-months-until-binance-ban/" rel="noopener noreferrer nofollow">told a panel on Wednesday</a> that the ban on Binance will come into effect exactly three months after its advisory was granted.&nbsp;
<h2 id="b-sec-extends-binance-s-advisory-b">SEC Extends Binance’s Advisory&nbsp;</h2>
Notably, the advisory was issued on November 29th.“Depending on how feedback is, we can actually extend that, but currently, we should feel lucky with the three months.”&nbsp;
The advisory had been for only one month but was later extended but Lee highlighted that he considered the Christmas holiday and how hard the sudden ban would be for Filipino investors. Upon consideration, he decided on an extension.&nbsp;
Lee mentioned that more names would unfold in the coming weeks although he plans to adopt a “wait-and-see” approach to know if any of the listed entities will make a move to register their businesses, especially after seeing the sanction levied on Binance.&nbsp;
<h2 id="b-no-license-no-approval-b">No License, No Approval&nbsp;</h2>
The top crypto exchange has been operating in the Philippines without obtaining the appropriate license or approval. For an exchange that has <a href="https://thecoinrise.com/binance-exchange-secures-the-first-operating-licenses-from-a-gulf-state-bahrain/" rel="noopener noreferrer nofollow">bagged several licenses in regions like Bahrain</a>, <a href="https://thecoinrise.com/binance-obtains-permanent-license-from-afsa-to-become-a-regulated-platform-in-kazakhstan/" rel="noopener noreferrer nofollow">Kazakhstan</a>, Thailand, and even <a href="https://thecoinrise.com/binance-spanish-subsidiary-moon-tech-secures-vasp-license/" rel="noopener noreferrer nofollow">Spain</a>, Binance’s lack of zeal to obtain approval from the Philippines comes as a surprise.
Consequently, the Philippines SEC warned Binance and at the same time, informed the public of the exchange’s illegal operations in the Philippines, citing that it had no right to sell or offer securities in the Asian nation. This suggested that doing business with the exchange is at the investors’ risk.
<h2 id="b-infrawatch-reports-binance-activities-b">Infrawatch Reports Binance Activities&nbsp;</h2>
Noteworthy, a Philippines-based think-tank organization known as Infrawatch PH had earlier requested the authorities to <a href="https://thecoinrise.com/infrawatch-ph-asks-phillippines-regulator-to-crack-down-on-binance/" rel="noopener noreferrer nofollow">crack down on Binance</a>. Terry Ridon, the convener of Infrawatch sent a letter to the Department of Trade and Industry (DTI) detailing certain discrepancies in Binance’s operations.
“We would like to bring to your immediate attention the illegal sales promotion of Binance which presumably have been launched without the necessary DTI permit considering the absence of a DTI permit number in the promotional advertisements and the general lack of applicable license and registration of Binance in the Philippines,” Terry said.
The post <a href="https://thecoinrise.com/filipino-sec-to-ban-binance-in-3-months-over-illegal-operations/" rel="noopener noreferrer nofollow">Filipino SEC to Ban Binance in 3 Months Over Illegal Operations</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Filipino SEC to Ban Binance in 3 Months Over Illegal Operations

Table of Contents

TheCoinrise Media

Other articles published on Dec 14, 2023

DeFi Protocol Aims To Enrich the Crypto Market With Digital Bonds

India Shapes Crypto Rules with IMF-FSB Guidebook Influence

Top Japanese Exchange Expands Support for Shiba Inu in Recent Listing

Cardano (ADA) Price Analysis for December 14

Rainbow Wallet Token Aims At Taking Advantage Of MetaMask

BUSD’s Downfall, Navigating the Storm of its Decline

Join our free newsletter for daily crypto updates!