Philippine regulators are reevaluating a potential ban on cryptocurrency giant Binance following a recent leadership shakeup at the Securities and Exchange Commission (SEC).
In late November 2023, the SEC warned Binance for operating without a license and threatened to block access within three months. However, the appointment of Commissioner Hubert Dominic B. Guevara last week has triggered a “transition” within the SEC, delaying the ban’s implementation.
SEC Chair Emilio Aquino assures the issue will be addressed, but discussions are ongoing. Any ban would require collaboration with the National Telecommunications Commission (NTC) to block access to Binance and its apps in the Philippines. The SEC is also working with Google and Meta (formerly Facebook) to restrict Binance’s digital advertising.
The SEC is cautious about an immediate ban, prioritizing Filipino investor protection. They’re giving users time to close positions and withdraw funds. Additionally, the commission is carefully evaluating the potential impact on Filipino customer funds before making a final decision.
