Binance Not Singled Out
The Philippine Securities and Exchange Commission (SEC) has banned Binance, the world’s largest crypto exchange. However, SEC officer Paolo Ong emphasized that this is not an isolated incident.
“We’re not singling out Binance,” Ong said. “This is part of our mandate to protect Filipino investors.”
Can Binance Users Access Their Crypto?
Ong explained that Binance users had ample time to withdraw their funds.
“We issued the advisory last November and gave a three-month period,” he said.
However, for those who did not withdraw their funds, Ong stated that the SEC cannot endorse any methods to retrieve them now that Binance is blocked in the Philippines.
SEC’s Role in Crypto Regulation
Ong emphasized the SEC’s commitment to protecting Filipino investors in the rapidly evolving crypto market.
“We’re taking steps to draft regulations for cryptocurrencies,” he said. “However, these regulations take time.”
In the meantime, the SEC has established an Innovation Office to guide investors on the risks and opportunities of crypto technologies.
No Formal Applications from Binance or eToro
At the time of the interview, the SEC had not received any formal applications from Binance or eToro for a license to operate in the Philippines.
“They have not reached out to do the right thing and comply with our regulations,” Ong said.
