Paolo Ong, the officer in charge of the SEC’s PhiliFintech Innovation Office, stated in a local news report that the SEC cannot recommend methods for retrieving funds after Binance is blocked by internet service providers (ISPs) in the country. The SEC had issued a three-month warning and extended the timeline for the ban’s implementation to allow investors ample time to withdraw their funds from the exchange.
Ong emphasized that the regulator cannot endorse any specific method for users to retrieve their money now that the blocking order is in effect. Investors were urged to transfer their funds to local exchanges or personal wallets within the specified timeframe.
The National Telecommunications Commission (NTC) ordered ISPs in the country to block access to Binance on March 25, providing a five-day deadline for compliance. Despite the order, Binance remains partially accessible in the country, prompting ongoing efforts to fully implement the ban.
Former Binance CEO Changpeng Zhao announced plans for the exchange to seek licenses in the Philippines during a press briefing in Manila on June 8, 2022. However, according to Ong, the SEC has not received any formal applications from Binance to register in the country. Thus, as per the SEC’s perspective, there is no official or formal application for registration.
Ong mentioned that the SEC had issued multiple warnings to the public regarding investing in Binance. In 2022, the SEC published a notice cautioning the public against investing in Binance, citing the exchange’s lack of authority or license to solicit investments in the country.
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