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.
Meskipun Binance telah diperingatkan oleh SEC bahwa mereka akan dilarang pada akhir Februari karena tidak mendaftarkan layanannya, regulator mengatakan bahwa pembicaraan dengan bursa mata uang kripto terbesar di dunia telah menghentikan tindakannya untuk sementara.
Kamis ini, Ketua SEC Emilio Aquino mengonfirmasi bahwa pembicaraan masih berlangsung di surat kabar lokal The Inquirer. Dia menambahkan:
“Saya jamin masalah ini akan diatasi.”
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:
“Kami juga bekerja sama dengan lembaga pemerintah lainnya mengenai prosedur untuk menahan operasi entitas tidak terdaftar di Filipina.”
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