Philippines SEC Blocks Binance; No Aid for Users Failed to Withdraw Funds
Summary:
The Philippines Securities and Exchange Commission (SEC) has barred Binance, a leading crypto exchange, leaving users unable to withdraw their funds in a lurch. SEC's officer Paolo Ong confirmed that the agency would not support the recovery of funds after access to Binance is blocked by ISPs. Despite a three-month warning and a time extension before the ban, some users missed out on retrieving their funds. The ex-CEO of Binance, Changpeng Zhao, expressed an intention to register in the Philippines, but according to Ong, no formal applications were received. The SEC previously issued advisories warning against investment in Binance due to lack of appropriate licensure.
Binance, the cryptocurrency exchange, is finding itself blocked by the Philippines Securities and Exchange Commission (SEC), leaving users who have not withdrawn their investments at a loss. A report by a local media outlet revealed that present SEC official, Paolo Ong, who manages the PhiliFintech Innovation Office, clearly stated that the SEC will not provide any support to recover funds after Binance's blockage by Internet Service Providers (ISPs) across the nation. According to Ong, a three-month prior notice and a period extension before enforcing the block had been issued, with the intention that investors had ample time to retract their finances from Binance. The expectation was that transfer of funds to owners' wallets or local exchanges would be completed within the pre-set timeframe.
When asked about solutions for investors unable to retrieve their funds in the given time, Ong confirmed that the SEC will not endorse or suggest any methods for the users' recovery of money now that the blocking order has been enacted.
The nation's leading telecoms authority, the National Telecommunications Commission (NTC), instructed the local ISPs to obstruct access to Binance on March 25, granting a five-day window for the order to be fulfilled.
Some access to Binance remains, which Ong attributed to ongoing efforts to fully enforce the ban. A Cointelegraph investigation discovered that Binance's website was still reachable in the country when the report was drafted.
In a press event held in Manila on June 8, 2022, Changpeng Zhao, the ex-CEO of Binance, stated Binance's intention to obtain licenses in the Philippines. However, Ong commented that no formal applications from the exchange for registration had been received by the SEC.
Ong also mentioned that the SEC had made multiple public cautionary statements before imposing the ban. In 2022, a public advisory was issued by the regulator, warning against investing in Binance as it lacks the requisite authority or license to offer investment opportunities within the nation.
Published At
4/8/2024 12:19:35 PM
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