Philippine's NTC Blocks Unauthorized Crypto Sites Amid SEC Directive
Summary:
The National Telecommunications Commission (NTC) of the Philippines has begun blocking unauthorized crypto companies' websites, such as MiTrade and OctaFX, following a directive from the Securities and Exchange Commission (SEC). Despite this crackdown, the Binance exchange remains accessible. The SEC is currently reviewing implications of a potential Binance ban in the country, underlining the need for Binance to seek required registration and provide comprehensible details about the securities it offers.
Crypto firms operating without the necessary permits in the Philippines are facing challenges as the National Telecommunications Commission (NTC) has begun blocking their websites. Local news source Bitpinas revealed on March 7 that MiTrade and OctaFX, two such crypto enterprises, are now unavailable for access in the country. The move followed a February 21 order from the NTC to internet providers to block MiTrade's apps and websites due to a violation of rules set by the Securities and Exchange Commission (SEC) of the Philippines.
As per a directive from SEC, the NTC initiated the blockage of crypto websites that operated without due licensing. Through a public announcement, the Chairperson of the Philippine SEC, Emilio Aquino, remarked that these actions by the NTC would prevent financial frauds related to investment in the country. Aquino further stated, “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.”
He emphasized that such steps by the NTC supported their fight against "predatory financial schemes" and ensured the security of investors within the country. Despite the crackdown on unlicensed crypto platforms, it emerged that the Binance exchange is still accessible in the Philippines. On a panel held on December 13, SEC commissioner Kelvin Lee hinted that the ban on Binance in the country was expected to start three months after its announcement on November 29, which suggests it should have been implemented on February 29. However, there has been no clear communication from the SEC as to when the Binance ban would take effect.
On February 28, a representative from the SEC informed local media that the organization was assessing the potential aftermath of a Binance ban in the country. Their statement read, “The SEC is currently evaluating all possible ramifications of the blocking, including implications to Filipino customer funds. We are also working with other government agencies on the procedure of restraining unregistered entities’ operations in the Philippines.” On November 28, the SEC issued an advisory about Binance, cautioning investors in the Philippines that the trading platform does not have the requisite authorization to offer securities in the country. The notice further emphasized that Binance must apply for registration within the country and furnish comprehensive information concerning the securities it offers.
Published At
3/7/2024 1:29:37 PM
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