Philippine SEC Sets Deadline for Binance Ban Enforcement Citing Licensing Concerns

<p>In
a recent panel discussion, Kelvin Lee, the Head of the Philippine Securities
and Exchange Commission (SEC), provided clarity on the impending ban on
Binance, stating that the prohibition would be enforced three months after the
advisory issued on November 28. The advisory accused Binance of operating
without a license, prompting regulators to take action.</p><p>Christmas
Considerations: SEC Extends Binance Ban Timeline</p><p>Addressing
the confusion surrounding the ban, Lee emphasized that the ban's effective date
was set for three months from the issuance date, specifically on November 29.
He acknowledged the potential for extension based on feedback but highlighted
the current three-month timeline.</p><p>Lee
disclosed that the original recommendation proposed a one-month ban or even a
one-week transition period. However, he opted for a more lenient timeframe,
considering the approaching Christmas holiday, aiming to avoid unnecessary
challenges for Filipino investors during this period.</p><p>The
SEC head also mentioned that OctaFX and MiTrade, two other exchanges recently
warned for unregistered operations, would similarly face bans after a
three-month grace period.</p><p>Amid
criticism regarding the decision to ban Binance, Lee defended the move,
emphasizing that registered exchanges incur compliance costs, making them
seemingly more expensive. He urged local investors to opt for registered
entities, revealing that there are currently 17 virtual asset service providers
registered in the country offering fiat-to-crypto services.</p><blockquote><p lang="en" dir="ltr">