📰 Table Of Contents
Philippines SEC Blocks Binance Withdrawals
Philippines crypto users are facing challenges in withdrawing their funds following the Securities and Exchange Commission’s ban on Binance.
Regulatory Actions and User Impact
- SEC Officer Paolo Ong states inability to endorse withdrawal methods
- Users were given a three-month warning to withdraw funds
- Some users left without means to reclaim funds
NTC Directs ISPs to Block Binance
The National Telecommunications Commission instructed ISPs to block access to Binance, with ongoing enforcement efforts.
Binance’s Lack of Formal Registration
SEC clarifies that Binance has not applied for registration in the Philippines, despite earlier statements by former CEO Changpeng Zhao.
Global Regulatory Troubles for Binance
SEC’s ban on Binance adds to the exchange’s global regulatory challenges, including charges by the CFTC and SEC in the US.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
