The Philippines SEC chief emphasized that Binance and other unregistered exchanges, following the advisory issued, have a three-month window before they face a ban in the country.
Kelvin Lee, the head of the Philippines Securities and Exchange Commission, made it clear during a Dec. 13 panel that the ban on Binance would be enforced three months post the advisory issuance.
Citing a BitPinas report, Lee expressed concerns over widespread online confusion following the advisory to the cryptocurrency exchange on Nov. 28 for operating without a license.
DappRadar data shows that in the past three months, approximately 1 million or more unique active wallets engaged in Web3 games daily. However, Siu predicts this number could surge by up to 100 million more in the coming year.
Addressing queries on the ban’s timeline, he affirmed that the intended enforcement was “supposed to be three months from the issuance date,” which he specified as Nov. 29.
Depending on how feedback is, we can actually extend that, but currently, we should feel lucky with the three months.
He mentioned that the initial suggestion was for a one-month duration or even a “one-week transition period,” but he opted for an extended period considering the Christmas holiday.“Not to make it hard for Filipino investors during that time,” he said.
Besides Binance, Lee mentioned that OctaFX and MiTrade, two other exchanges recently advised for unregistered operations, are also slated for bans within three months.
The domestic SEC indicated a substantial roster of unregistered exchanges that will progressively come to light. Yet, they’re adopting a “wait-and-see” strategy to gauge if these exchanges will register post observing the measures taken against Binance.
Lee faced backlash over the Binance prohibition due to its perceived affordability compared to other licensed exchanges.
“Of course, they are cheaper because they never bothered to register in the Philippines and bothered to comply,” he said. “Unlike the registered entities, there is of course compliance costs.”
He urged local investors to prioritize “investing in registered entities,” highlighting that the country currently boasts 17 virtual asset service providers registered, offering fiat-to-crypto services.
At the end of the day, it’s about registration. At the end of the day, it’s about consumer protection. Work with the registered entities.
Cointelegraph contacted Binance to gather their input on the situation and inquire about any intended course of action in the Philippines.
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* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.
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