In
a recent panel discussion, Kelvin Lee, the Head of the Philippine Securities
and Exchange Commission (SEC), provided clarity on the impending ban on
Binance, stating that the prohibition would be enforced three months after the
advisory issued on November 28. The advisory accused Binance of operating
without a license, prompting regulators to take action.
Addressing
the confusion surrounding the ban, Lee emphasized that the ban’s effective date
was set for three months from the issuance date, specifically on November 29.
He acknowledged the potential for extension based on feedback but highlighted
the current three-month timeline.
Lee
disclosed that the original recommendation proposed a one-month ban or even a
one-week transition period. However, he opted for a more lenient timeframe,
considering the approaching Christmas holiday, aiming to avoid unnecessary
challenges for Filipino investors during this period.
The
SEC head also mentioned that OctaFX and MiTrade, two other exchanges recently
warned for unregistered operations, would similarly face bans after a
three-month grace period.
Amid
criticism regarding the decision to ban Binance, Lee defended the move,
emphasizing that registered exchanges incur compliance costs, making them
seemingly more expensive. He urged local investors to opt for registered
entities, revealing that there are currently 17 virtual asset service providers
registered in the country offering fiat-to-crypto services.
🇵🇭 Philippines SEC moves to block #Binance, citing lack of registration and unauthorized promotion. Here are the crucial details… ↓#Phillipines #CZ #SEC #CryptoNewshttps://t.co/ECNvQP45WZ
— BSCN (@BSCNews) November 30, 2023
Challenges
and Decisions: Binance’s Bid for Abu Dhabi License
Finance Magnates reported earlier
that Binance, the world’s largest cryptocurrency exchange in terms of trading
volume, withdrew
its bid for a collective investment fund license in Abu Dhabi. The
decision, part of Binance’s ongoing evaluation of its “global licensing
needs,” was announced following the resignation of the former CEO, Changpeng
Zhao. Binance’s local subsidiary, BV Investment Management Limited, initially
applied for the license on November 15, 2022, but officially withdrew the
application on November 7, 2023.
The
license would have allowed Binance to provide
services to professional clients. A spokesperson for Binance stated that, upon
reviewing its global licensing requirements, the application…
