Traders in the Philippines are facing higher trading fees and limited options for cryptocurrency purchases after Binance’s ousting from the country. The Philippines Securities and Exchange Commission (SEC) announced a three-month countdown to the ban on Binance, stating that the exchange had failed to register and comply with regulations. The National Telecommunication Commission (NTC) then ordered local internet service providers to block access to Binance, and later, the SEC directed Apple and Google to remove the Binance app from their stores. reached out to local players for their views on the ban’s impact.
Ethan Rose, CEO of Bitcoin payment facilitator Pouch, believes that the ban protects Filipino traders from malicious actors and has a positive impact on the local economy. Rose noted that the former CEO of Binance, Changpeng Zhao, pleaded guilty to financial crimes. While the ban may result in higher fees and fewer token options for Filipino traders, Rose does not see this as a significant downside, stating that it is a trade-off for increased business staying within the country.
Arlone Polo Abello, CEO of crypto education firm Global Miranda Miner Group, views the SEC’s action as reflecting the approach of the U.S. SEC, which requires exchanges to register. Abello believes that the ban may have a “chilling effect” on traders using unregistered exchanges but also highlights the growing understanding that registration is necessary to operate in the country. Binance’s lack of communication and response to requests for information and opinions from Filipino traders was also noted.
Jay Ricky Villarante, CEO of OTC trading company Moneybees, emphasized the importance of regulatory compliance and oversight in the cryptocurrency industry. He stated that market participants, including exchanges, investors, and regulators, must navigate the regulatory landscape properly for long-term sustainability and legitimacy. Villarante believes that the ban may contribute to greater regulatory clarity in the Philippines crypto market and foster confidence and responsible innovation. He sees the ban as a significant development for cryptocurrency in the country.
Navigating the regulatory landscape shouldn’t come at the cost of higher fees and fewer options for traders It’s a setback for innovation and progress.
Regulatory compliance is crucial for the long-term sustainability of the cryptocurrency industry. The ban will help establish a more responsible and trustworthy market.
This ban is a necessary step to protect Filipino traders from potential scams and illegal activities. Kudos to the SEC for taking action!
Let’s remember that there are plenty of other platforms available for cryptocurrency trading. The ban on Binance won’t cripple the market. Keep exploring!
Registration is key in the cryptocurrency industry, just like any other legitimate market. The SEC’s actions are aligning with global regulatory standards. 👍
The ban is a missed opportunity for the Philippines to embrace innovation and become a leader in the crypto space We’re taking steps backward instead of moving forward.
This ban is a turning point for the Philippines crypto market, leading the way towards greater regulatory clarity and fostering confidence in the industry. Exciting times ahead!