The Philippine National Telecommunications Commission (NTC) has initiated measures to block websites of crypto firms offering investment products in the country without proper licenses.
On March 7, local media outlet Bitpinas reported that the websites of MiTrade and OctaFX, two crypto firms, were inaccessible in the country. The NTC issued an order on Feb. 21 to internet service providers, instructing them to block applications and websites of MiTrade for violating regulations set by the Philippines’ Securities and Exchange Commission (SEC).
The NTC’s action was prompted by a request from the SEC to block websites of crypto platforms operating without licenses in the country. Philippine SEC Chairperson Emilio Aquino emphasized that this collaboration aims to combat investment scams and protect investors from fraudulent financial schemes.
While the NTC has started blocking unlicensed crypto trading platforms, the report indicates that Binance exchange remains accessible in the country. Despite a previous announcement of a ban on Binance, uncertainties persist regarding its implementation.
The SEC spokesperson stated on Feb. 28 that they are assessing the potential repercussions of a Binance ban, including its impact on Filipino customer funds. Collaboration with other government agencies is underway to formulate procedures for restraining the operations of unregistered entities in the Philippines.
On Nov. 28, the SEC issued a cautionary statement against Binance, informing investors that the platform is not authorized to offer securities in the country. The SEC emphasized the need for Binance to register and provide comprehensive information about its offered securities..
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