The National Telecommunications Commission (NTC) of the Philippines has taken action to block websites of cryptocurrency companies that offer investment products without the necessary licenses. Local media outlet Bitpinas reported that the websites of crypto firms MiTrade and OctaFX are now inaccessible through one of the country’s largest internet providers. The NTC issued an order on February 21 to internet service providers, instructing them to block applications and websites of MiTrade for violating regulations set by the Securities and Exchange Commission (SEC) of the Philippines.
The NTC’s move came in response to a request from the SEC to block websites of unlicensed crypto platforms operating in the country. In a press release, SEC Chairperson and CEO Emilio Aquino stated that the NTC’s action will help prevent investment scams and protect investors from “predatory financial schemes” in the country.
While the NTC has started blocking unlicensed crypto trading platforms, the Binance exchange remains accessible in the Philippines. However, it was previously announced that a ban on Binance would come into effect three months after it was issued on November 29, 2023. The SEC has not provided a clear timeline for when the ban on Binance will be implemented.
The SEC had previously warned investors in the country about Binance, stating that the platform is not authorized to offer securities in the Philippines. The SEC emphasized that Binance should apply for registration in the country and provide adequate information about the securities it offers.
In related news, the Philippines plans to sell $179 million worth of tokenized treasury bonds for the first time. This move indicates the country’s growing interest in exploring the potential of blockchain technology and cryptocurrencies.