For the time being, Binance gets an exemption.
This is the result of the measures regulators in the Philippines took on Thursday.
The Securities and Exchange Commission of the Asian nation has reported that the National Telecommunications Commission has begun to prohibit websites and applications that offer investment opportunities without local license.
Although Binance was warned by the SEC that it would be prohibited by the end of February for not registering its services, regulators said that talks with the largest cryptocurrency exchange in the world have temporarily stopped action.
This Thursday, SEC Chair Emilio Aquino confirmed that talks were still going on to the local newspaper The Inquirer. He added:
“I assure you the issue will be addressed.”
He continued by saying that once Commissioner Kelvin Lester Lee’s term as head of markets and securities ended, the agency was going through a transitional phase. This week saw the appointment of Hubert Dominic B. Guevara as the new commissioner.
Rather, the SEC focused on MiTrade, an investing firm that is not crypto-related. The NTC requested that internet services stop it on February 21.
On March 8, the NTC backed the SEC’s efforts to shut down OctaFX, a different online investment trading platform.
What happens with Binance after that is still unknown.
In February, the SEC informed the media that it was investigating the potential consequences of shutting down the exchange, including the potential impact on the finances of Filipino customers. According to an agency spokesman:
“We are also working with other government agencies on the procedure of restraining unregistered entities’ operations in the Philippines.”
Similar to the warning it sent Binance the previous year, the SEC filed a lawsuit against MiTrade. According to the SEC, Binance was breaking the law by using social media to advertise campaigns aimed at drawing in users.
Authorities issued a fresh warning, threatening to sentence anyone who promotes these platforms to up to 21 years in jail.
Repetitive inquiries for comments on the matter in the Philippines have not received a response from Binance.
SOURCE:
https://medium.com/@therealcryptojk/binance-spared-as-philippines-cracks-down-on-unlicensed-investment-platforms-fb395f932385