The ban will take effect within three months, offering investors the opportunity to exit their crypto positions held through Binance exchange.
The financial regulator of the Philippines will block local user access to Binance, the world’s largest cryptocurrency exchange, citing concerns over the firm’s unlicensed operations in the country.
“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC Chairperson Emilio B. Aquino said in the letter-request addressed to the NTC.
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