Binance Faces Restrictions in the Philippines as Users Struggle to Withdraw Funds
The Philippines Securities and Exchange Commission (SEC) has taken action to block cryptocurrency exchange Binance from operating in the country. As a result, users who are unable to withdraw their funds in a timely manner are left without guidance or support.
According to Paolo Ong, the officer in charge of the SEC’s PhiliFintech Innovation Office, the SEC is unable to provide recommendations on how users can retrieve their funds after Binance is blocked by internet service providers (ISPs) in the country. Ong explained that the regulator had issued a three-month warning and extended the ban implementation deadline to allow investors sufficient time to remove their funds from the exchange. The hope was that investors would have already transferred their funds to a local exchange or their personal wallets within the specified timeframe.
However, when asked about the fate of users who were unable to withdraw their funds within the given time frame, Ong stated that the SEC does not have any suggested means for users to reclaim their money.
On March 25, the National Telecommunications Commission (NTC) instructed ISPs in the Philippines to immediately block access to Binance. The NTC provided local ISPs with a five-day deadline to comply with the order.
Despite this notice, the Binance website remains partially accessible in the country. Ong explained that efforts are still being made to fully implement the ban.
It is worth noting that in June 2022, former Binance CEO Changpeng Zhao announced that the exchange was actively seeking licenses in the Philippines. However, Ong clarified that the SEC has not received any formal applications from Binance to register in the country.
Ong emphasized that the SEC had previously warned the public multiple times before deciding to impose the ban. In 2022, the SEC issued a notice cautioning the public against investing in Binance, stating that the exchange lacks the necessary authority or license to solicit investments in the Philippines.