Is Binance going to be blocked? Will the deadline be, as the Commissioner earlier mentioned, be extended?

A spokesperson for the Securities and Exchange Commission (SEC) has issued a statement regarding the situation around whether or not Binance will be banned in the Philippines.

Timeline since the Binance SEC Advisory

November 28, 2023

• The interview of BitPinas with Commissioner Lee during the Yield Guild Games (YGG) Web3 Games Summit (W3GS), held on November 1-25,  has been published. Lee announced the Commission’s collaboration with the National Telecommunications Commission (NTC) to block unregistered cryptocurrency exchanges and platforms named in SEC advisories.

November 29, 2023

• The Philippine SEC cautioned against the exchange’s unapproved activities within the country, emphasizing the significance of compliance with local regulations.
• Binance responded by stating it would cease marketing efforts in the country.
• A Binance spokesperson requests to retract their previous statement regarding ceasing marketing efforts in the Philippines, stating they need more information. On 4:54 pm, Binance issues a statement acknowledging and respecting the SEC of the Philippines’ statement.
• BitPinas Webcast 32: Is Binance Going to be Banned in the Philippines?

December 1, 2023

December 8, 2023

• Filipino users encountered warnings when attempting to join Binance’s $500,000 airdrop event, citing regulatory concerns. Similar issues were reported by users from other regions, with Binance attributing the limited availability of the Binance Web3 wallet to regulatory compliance in specific areas.

December 13, 2023

• Commissioner Lee clarified the timeline for the Binance ban, stating it will take effect three months from the date of the SEC’s issuance, which was November 29.
• He mentioned the possibility of extending the deadline based on feedback but emphasized the initial recommendation was for a shorter timeframe. 

December 24, 2023

• The contributed article by Atty. Rafael Padilla, author of “Fintech, First Laws and Principles,” was published. It discussed the Binance situation in the Philippines asserting that the exchange’s website cannot be blocked without a court order.

January 31, 2024

• Local Binance users have reported the unavailability of certain features such as airdrops, referral programs, and non-fungible token (NFT) certificates. Upon accessing the site, a prompt advises users against participating in airdrop programs due to regulatory compliance issues. However, BitPinas confirmed that despite restrictions on airdrops and NFT certificates, the Binance referral program remains accessible for users in the Philippines.

February 6, 2024

• Viral TikTok videos featuring Senator Francis Tolentino announcing plans to ban Binance in the Philippines have circulated on social media. In the videos, the Senator states that Binance will be banned “next week.” Fact-checking efforts by BitPinas verified that this statement was made during a public hearing led by Senator Mark Villar on January 16, 2024, regarding the Anti-Financial Account Scamming Act.

February 25, 2024

• A Filipino user recently posted on the X platform, expressing difficulties accessing a particular service on the Binance platform. While participating in the launch pool for $PORTAL, they received a notification suggesting that the service might be inaccessible due to security concerns or country restrictions.

February 27, 2024

• In a short video and accompanying posts, GCrypto Head Luis Buenaventura commented that if the ban is going to happen, there must have been some form of communication already, specifically by both parties, to detail the process and timeline of taking out the funds. This is to ensure that no customer is left behind.

February 28, 2024

The supposed three-month deadline is scheduled for February 29th, and a Corporate Communication Division (CCD) Information Officer from the Commission has responded to BitPinas’ inquiry for updates on Binance’s standing in the country.

“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.”

SEC Spokesperson

It appears from the statement that the ban is not happening on February 29.

The entire matter will be discussed on the BitPinas webcast at 8:15 pm.

This article is published on BitPinas: Ahead of the 3-month Deadline, SEC Comments on Binance

Disclaimer:

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• Source: https://bitpinas.com/regulation/sec-binance-update/