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Highlights
- Philippines blocks unlicensed crypto platforms MiTrade and OctaFX to protect investors.
- NTC acts on SEC's request to curb illegal financial activities in the crypto market.
- Despite regulatory efforts, Binance remains accessible in the Philippines.
The National Telecommunications Commission (NTC) of the Philippines has started the process of disrupting access to some crypto trading platforms that are working without necessary licenses. This move, which was triggered by the call by the Securities and Exchange Commission (SEC), is a manifestation of the state’s dedication to protecting investors and quelling illicit financial crimes inside the nation.
While a wide range of regulatory measures are utilized against unlicensed entities, Binance, one of the world’s leading cryptocurrency exchanges, remains accessible in the Philippines, posing a question about how effective the regulation is.
Philippines Firms its Control Over Crypto Market Regulation
The first move was the NTC’s order to the internet service providers on 21st February to take action, concentrating on the prompt blocking of websites and apps that are connected with MiTrade and OctaFX. This move ensued after accusations that these companies conducted investment activities without obtaining the proper licenses from regulatory authorities.
Bitpinas, a local media outlet, reported on March 7 that some of the country’s biggest internet service providers had blocked access to the websites, which meant that the enforcement measures implemented by the NTC were working. The chairman of the SEC, Emilio B. Aquino, commended the NTC’s move, noting the role of such directives in preventing the proliferation of illegal investment schemes and in protecting the financial interests of Filipino investors.
The warning by the SEC to the public of the dangers of dealing with unauthorized platforms was stressed by their advisory of November 28th, which identified Binance as one of the operators without proper clearance. The commission highlighted the fact that both those who facilitate or trade on unlicensed exchanges will be subject to severe legal liabilities such as heavy fines and imprisonment. In spite of these alerts and the implications for non-compliance, Binance has been operating undisturbed in the Philippines, which shows a challenge to the complex regulations.
Regulatory Warnings and Binance Position
The investor protection concern of the SEC is evident in its continuous attempts to expose the dangers associated with unregulated cryptocurrency trading. Binance advisory was one of the measures taken to warn investors not to utilize unaccredited platforms. This warning also applies to the criminal liabilities with respect to individuals who sponsor or engage in activities related to such platforms and as described in the respective sanctions under Section 28 of the SRC.
Despite these warnings, Binance’s continued accessibility in the Philippines points to a nuanced approach to regulatory enforcement. The SEC had initially provided a three-month window for compliance following their advisory, with the possibility of extension based on feedback and the ongoing evaluation of the regulatory landscape. This grace period was aimed at minimizing disruption during the holiday season, reflecting consideration for Filipino investors’ circumstances.
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