Last month, the Philippines National Telecommunications Commission (NTC) commenced blocking the websites of crypto companies that offer investment products without the necessary licenses.
Specifically, the NTC directed the blocking of access to the website and apps of the foreign exchange platform MiTrade. This platform had been accused of offering investment opportunities without the required license.
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Following the Securities and Exchange Commission’s (SEC) notification to the NTC regarding MiTrade’s illicit operations, including violations of the Revised Corporation Code of the Philippines, the NTC issued an order on February 21, instructing internet service providers to block applications and websites associated with MiTrade for flouting SEC regulations.
Subsequently, on March 7, local news outlets confirmed that the websites of crypto firms MiTrade and OctaFX were no longer accessible through one of the country’s largest internet providers.
Thwarting investment scams, safeguarding investors in PH
Emphasizing the significance of this action, SEC Chairperson and CEO Emilio Aquino stated that it would help thwart investment scams and safeguard investors in the country.
“We appreciate the NTC’s assistance in our campaign against investment scams and other predatory financial schemes, ultimately aiming to protect the investing public,” remarked SEC Chairman Emilio Aquino in a press release.
Despite the NTC’s efforts to block unlicensed crypto trading platforms, Binance remains accessible.
Although the SEC had set a three-month deadline for banning unlicensed crypto trading platforms, Binance continues to operate in the country.
The ban on Binance was announced on November 29, with a proposed effective date of February 29 of the current year. However, the SEC has not confirmed when this ban will take effect.
On February 28, an SEC spokesperson disclosed that the agency is evaluating the potential consequences of a Binance ban, including its impact on Filipino customer funds. Additionally, they are collaborating with other government agencies to establish procedures for restraining the operations of unregistered entities in the Philippines.
In a warning issued on November 28 of the previous year, the SEC cautioned investors that Binance is not authorized to offer securities in the country.
Furthermore, the SEC advised Binance to seek registration and furnish adequate information about the securities it offers.
