Philippine Gov’t Cracks Down on Unlicensed Crypto Exchanges, Binance Still Accessible
The Philippine National Telecommunications Commission (NTC) has initiated the blocking of websites belonging to crypto companies offering investment products without the necessary licenses in the country.
Despite the Securities and Exchange Commission’s (SEC) three-month countdown for banning unlicensed crypto trading platforms, Binance remains accessible in the country.
The NTC has taken action to block websites and apps offering investment opportunities without the necessary license, following a request from the SEC. On March 7, local media Bitpinas reported that the websites of crypto firms MiTrade and OctaFX were inaccessible through one of the country’s largest internet providers following an order from the NTC issued on February 21.
In response to the SEC’s request, the NTC issued a memorandum to all internet service providers on February 21, instructing them to block the websites and apps of MiTrade for violations of securities regulations enforced by the SEC.
SEC Chairperson Emilio B. Aquino expressed gratitude to the NTC for supporting their efforts to combat investment scams and protect the investing public. He emphasized the importance of such directives in preventing the proliferation of illegal investment activities.
Aquino highlighted that the NTC’s actions support their efforts against “predatory financial schemes” and protect investors in the country. He said,
“The SEC and NTC will continue to work closely together to take similar actions on other platforms facilitating illegal investment-taking activities and other predatory financial schemes.”
The Philippines’ NTC has initiated the blocking of unlicensed crypto trading platforms, yet Binance remains accessible in the country despite regulatory
