Approval Granted for Philippines SEC to Ban Binance Access Over Absence of Essential Operating License

After an extensive period of attempting to block users from accessing the Binance cryptocurrency exchange, the Philippines Securities and Exchange Commission (SEC) has finally obtained the necessary approval to enforce a ban. Local media reports have confirmed that the Philippines SEC received the go-ahead from the National Telecommunications Commission (NTC) to restrict local access to Binance.

Emilio Aquino, the current Chairperson of the Philippines SEC, has emphasized that Binance poses a significant threat to the security of funds invested in the country. In addition, Binance offers various unregistered banking services, such as crypto saving accounts and leveraged crypto trading.

As a result, Binance may see a decline in its global user base of over 170 million, potentially losing around 7 million users. Although the exact number of Binance customers in the Philippines is unknown, the exchange is the most popular choice among the country’s 9.3 million crypto owners.

The prohibition of Binance in the Philippines has dealt a significant blow to the prominent firm, especially considering the increasing adoption of web3 products and digital assets. Binance is already experiencing the consequences of its $4.3 billion settlement with the United States Department of Treasury, which resulted in its exit from the local market.

This settlement has also had a profound impact on Binance’s relationship with European countries.

However, despite these challenges, Binance’s native coin, BNB, has continued to thrive amidst the positive outlook for cryptocurrencies. Recent market data shows that BNB’s price has surged by over 52 percent in the past four weeks, reaching around $581 during the early New York session on Monday.

With a fully diluted valuation of approximately $89 billion, BNB has greatly benefited from the remarkable growth of Binance’s web3 ecosystem.

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Binance
Crypto Regulations