The National Telecommunications Commission (NTC) of the Philippines has initiated the blocking of websites belonging to cryptocurrency companies that offer investment products in the country without the requisite licenses. As reported by local outlet Bitpinas on March 7, the websites of cryptocurrency firms MiTrade and OctaFX have become inaccessible through one of the Philippines' major internet service providers. The NTC's action follows an order issued on February 21, instructing internet service providers to block MiTrade's app and website due to violations of regulations set forth by the Philippine Securities and Exchange Commission (SEC).
The NTC's move comes in response to a request from the U.S. Securities and Exchange Commission (SEC) to start blocking websites of cryptocurrency platforms operating without proper licensing in the Philippines. Emilio Aquino, Chairman and CEO of the SEC, highlighted the importance of such actions in preventing investment scams within the country. Aquino emphasized the ongoing collaboration between the SEC and NTC in targeting platforms facilitating illegal investment activities and predatory financial schemes.
While the NTC has initiated the blocking of unlicensed cryptocurrency trading platforms, reports indicate that the Binance exchange remains accessible in the Philippines. The SEC Commissioner Kelvin Lee previously mentioned during a panel meeting on December 13, 2023, that the ban on Binance in the country would take effect three months after its issuance on November 29, hinting at a February 29 deadline. However, the SEC's statement did not provide clarity on the continuation of the Binance ban.
Regarding the potential impact of the Binance ban, an SEC spokesperson stated on February 28 that the agency is currently assessing all possible consequences, including the impact on client funds in the Philippines. The SEC is also collaborating with other government agencies to develop procedures for restricting unregistered entities from operating within the country.
On November 28, the U.S. Securities and Exchange Commission (SEC) issued a warning to Binance, cautioning investors in the Philippines that the trading platform lacks the authority to issue securities in the country. The SEC urged Binance to apply for registration and furnish adequate information about the securities it offers to comply with regulatory requirements.
