The Securities and Exchange Commission (SEC) recently intervened to restrict Binance‘s online activities, citing a lack of necessary licensing for its investment and trading services. In response to the SEC’s directive, the National Telecommunication Commission has been requested to block Binance’s website and affiliated pages.
In response to the SEC’s request, the NTC issued a memorandum directing ISPs to prevent users in the Philippines from accessing the cryptocurrency platform. This move effectively bans Binance from operating in the country due to its failure to obtain the required licenses.
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Former Binance chief Changpeng Zhao had previously expressed intentions to seek licenses as a virtual asset services provider, emphasizing the importance of regulation in fostering greater adoption of cryptocurrencies.
As of writing, Binance cannot be accessed through its website.
How might the recent regulatory actions against Binance impact the cryptocurrency landscape in the Philippines?