United

Impact

The post <a href="https://coinpedia.org/news/the-philippines-sec-obtains-approval-to-ban-binance-access-due-to-lack-of-necessary-operating-license/">Binance Blocked in the Philippines, Millions of Users Impacted</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
In a significant development following months of deliberation, the <a href="https://coinpedia.org/news/philippines-sec-warns-binance-potential-ban-looms-how-will-it-impact-crypto-users/">Philippines Securities and Exchange Commission (SEC)</a> has gained approval to enforce a ban on access to the Binance cryptocurrency exchange. Reports from local media confirm that the SEC received the green light from the National Telecommunications Commission (NTC), solidifying the fate of Binance’s local operations. 
Read on for more on this move. 
<h2 class="wp-block-heading" id="h-crackdown-on-security-threats">Crackdown on Security Threats</h2> 
Emilio Aquino, the current Chairperson of the Philippines SEC, has strongly criticized Binance, labeling it a major threat to the country’s financial security. Aquino pointed out that Binance has been providing various unregistered banking services, including crypto savings accounts and leveraged crypto trading, raising concerns among regulators. 
User Base Under Threat 
With the ban looming, Binance is bracing for a potential loss of over 7 million users from its global user base of more than 170 million accounts. While the exact number of Filipino users is not disclosed, Binance is the preferred exchange among the 9.3 million cryptocurrency owners in the country. 
Read More: <a href="https://coinpedia.org/news/the-final-showdown-binance-vs-sec-legal-battle-nearing-conclusion/">The Final Showdown: Binance vs. SEC Nearing Conclusion?</a> 
<h2 class="wp-block-heading" id="h-tackling-the-setbacks">Tackling the Setbacks</h2> 
The ban on Binance in the Philippines is a significant setback for the exchange, especially as cryptocurrencies are gaining mainstream adoption. This adds to the impact of Binance’s recent $4.3 billion settlement with the United States Department of Treasury, which led to its exit from the US market and reverberated across European jurisdictions. 
Despite regulatory challenges, Binance’s native token, <a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/">BNB</a>, has shown resilience. Over the past four weeks, BNB’s value surged by 52 percent, reaching around $581 during Monday’s early New York trading session. 
<h2 class="wp-block-heading" id="h-fueling-bnb-s-rise-to-the-top">Fueling BNB’s Rise to the Top</h2> 
BNB’s surge is fueled by the expanding web3 ecosystem of Binance, supported by its wide range of services and offerings. With a fully diluted valuation of approximately $89 billion, BNB remains a favored large-cap altcoin in the evolving digital finance landscape. 
Also Read: <a href="https://coinpedia.org/news/nigerian-court-targets-binance-in-forex-manipulation-probe/">Nigerian Court Demands Binance User Data in Naira Devaluation Case</a> 
The approval of the ban by the Philippines SEC shows us the importance of regulatory oversight in safeguarding financial markets and investor interests in the crypto markets.

Binance Blocked in the Philippines, Millions of Users Impacted

Table of Contents

CoinPedia News

Other articles published on Mar 25, 2024

Xuirin Finance ($XUIRIN) Dives Into the Crypto Arena, Challenges Polygon (MATIC)

$RECQ Presale on Pace To Break Previous Presale Records as New Opportunities Beacons on XRP and S...

Ripple CTO Clarifies Recent XRPL AMM Issue

Binance Launches Locked SOL Products: Earn Rewards

Sidus Heroes Joins ChainGPT's $1 Million Grant Program as Awardee

Step-by-Step: Your First Trade in Binary Options

Join our free newsletter for daily crypto updates!