Philippines to block Binance exchange
The ban will take effect within three months, offering investors the opportunity to exit their crypto positions held through Binance exchange.
The financial regulator of the Philippines will block local user access to Binance, the world’s largest cryptocurrency exchange, citing concerns over the firm’s unlicensed operations in the country.
The country’s Securities and Exchange Commission (SEC) said it received the assistance of the National Telecommunication Commission (NTC) to block access to Binance’s website and online trading platform, according to a March 25 document by the SEC.
The Philippines’ financial watchdog alleges that Binance offers investment products such as leveraged trading services and crypto savings accounts without the required licenses, which is in violation of the Securities Regulation Code.
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