SEC’s Decision
The Philippine Securities and Exchange Commission (SEC) has blocked access to Binance, the world’s largest cryptocurrency exchange. The decision was made because Binance does not have the necessary license to operate in the Philippines.
Website and Services Blocked
The SEC has asked the National Telecommunications Commission (NTC) to block Binance’s website and related pages. The SEC believes that Binance poses a threat to Filipino investors’ funds.
SEC’s Warning
The SEC has warned Filipinos against investing in or using Binance’s services. The commission has been exploring blocking Binance’s website since November 2023.
CommEX Closing Operations
CommEX, which acquired Binance’s Russia business, has announced that it will close down. The delisting process will start on May 10, 2024.
Timeline of CommEX Closure
- March 25, 2024: New user registrations, asset transfers from Binance, and fiat and cryptocurrency deposits will stop.
- March 28, 2024: Opening positions for simple futures and futures trading will stop. Users can only close existing positions.
- April 2, 2024: P2P services will stop allowing merchants to create new advertisements and users to create new orders. Existing orders will be closed automatically.
- April 18, 2024: Trading pairs for Simple Futures and Futures Trading will be delisted. Users must close all open positions.
- April 23, 2024: The spot market will close. All spot orders will be canceled automatically.
- May 10, 2024: CommEX’s website will be delisted.
