SEC’s Inability to Support Fund Retrieval Methods After Binance Ban
The Philippines Securities and Exchange Commission (SEC) has taken steps to block crypto exchange Binance from operating in the country. This move has left users who were unable to withdraw their funds in a difficult situation. Paolo Ong, the officer in charge of the SEC’s PhiliFintech Innovation Office, stated that the SEC cannot endorse any methods for users to retrieve their funds after Binance is blocked by internet service providers (ISPs) in the country. The SEC had previously given investors a three-month warning and extended the time before the ban took effect, hoping that investors would have transferred their funds elsewhere in that timeframe.
When asked about users who did not manage to withdraw their funds in time, Ong stated that the SEC does not have any suggested means for users to reclaim their money. The National Telecommunications Commission (NTC) issued an order on March 25 to ISPs in the country to block access to Binance immediately. The ISPs were given five days to comply with the order. Despite this, the Binance website was still accessible in the country at the time of writing.
Former Binance CEO Changpeng Zhao had previously announced that the exchange was seeking licenses in the Philippines. Ong revealed that the SEC had received no applications from Binance to formally register in the country. The SEC had warned the public multiple times about the risks of investing in Binance, stating that the exchange lacked the necessary authority and license to solicit investments in the Philippines.
As it stands, users who were unable to withdraw their funds from Binance are left without any official means to reclaim their money. The SEC’s decision to block Binance’s operations in the country has raised concerns about the overall regulation and oversight of cryptocurrency exchanges in the Philippines. The SEC’s warnings to the public about investing in unlicensed exchanges like Binance serve as a reminder for investors to exercise caution and conduct thorough research before engaging with any cryptocurrency platforms.
2 thoughts on “SEC’s Inability to Support Fund Retrieval Methods After Binance Ban”
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The National Telecommunications Commission’s order to block access to Binance should have been enforced promptly. It’s concerning that the website was still accessible in the country even after the order was issued. The authorities need to ensure that their decisions are effectively implemented.
This situation highlights the need for stricter regulations and stronger oversight of cryptocurrency exchanges. The SEC’s failure to act appropriately has put investors at risk! 😡🔒