The head of the Philippine Securities and Exchange Commission, Kelvin Lee, has clarified that the ban on cryptocurrency exchange Binance will come into effect three months after the advisory was issued. The advisory was issued on November 28, stating that Binance was operating without a license. Lee addressed the confusion surrounding the ban and explained that it was supposed to be three months from the issuance date, which was November 29. He also mentioned that the ban could be extended depending on feedback, but for now, it will be three months. Lee also revealed that two other exchanges, OctaFX and MiTrade, will also face bans after three months for unregistered operations.
The local SEC has a list of unregistered exchanges that will gradually emerge, but they are taking a “wait-and-see” approach to see if the exchanges will register after witnessing the action taken against Binance. Lee received criticism for the Binance ban, as it is cheaper than other registered exchanges. He explained that this is because Binance never bothered to register in the Philippines and comply with regulations, unlike the registered entities that have compliance costs. Lee advised local investors to invest in registered entities and mentioned that there are currently 17 virtual asset service providers (VASPs) registered in the country that offer fiat-to-crypto services.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇵🇠|
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Kelvin Lee |
| Companies | Philippine Securities and Exchange Commission, Binance, OctaFX, BitPinas, MiTrade |
| Currencies | None |
| Securities | None |
