Philippine SEC Gives Binance and Other Platforms Operating Without License 3 Months Before Ban

cryptonews.com:

The Philippine Securities and Exchange Commission (SEC) has clarified the issues raised over the former advisory to the effect that any unregistered platform will be banned after three months. 

Speaking at a Dec 13 panel on educating consumers on unregistered exchanges, the head of the financial regulator, Kelvin Lee disclosed that all unregistered institutions issued an advisory have three months before a ban swings into effect. 

“It is supposed to be three months from our issuance date. Three months from November 29. Depending on how feedback is, we can extend that, but currently, we should feel lucky with the three months. I’ll be blunt, the original recommendation on my desk was one month.”

Asked to clarify the state of Binance in the country after it said it operates without a license last month, the Commission’s boss noted that three months given will benefit all parties involved without rattling local investors while giving all platforms time to seek a regulatory nod. 

According to him, the original recommendation on his desk was one month while several others wanted one week as a transition phase but with the Christmas season coming, it would be better not to make things hard for Filipino investors.

In a bid to secure investors in the country, the financial regulator has toed the path of global counterparts in seeking fully compliant measures for all virtual asset service providers in the nation to prevent losses that may run into millions.