Philippine Authorities to Block Binance
In early March, the Philippine National Telecommunications Commission (NTC) started blocking cryptocurrency exchange websites that do not have a license to operate in the country.
The NTC has been reminding citizens to steer clear of unregistered trading platforms, as they cannot guarantee the safety of users and are not in compliance with anti-money laundering regulations.
This week, the Philippine Securities and Exchange Commission (SEC) instructed the NTC to block access to Binance, a cryptocurrency exchange that is operating illegally in the country according to SEC Chairman Emilio Aquino.
As a result, Filipino traders who use the unregistered exchange are putting themselves at risk by participating in the crypto derivatives market. Moreover, Binance’s actions also violate Philippine securities laws, as stated by the SEC.
