Philippine SEC Sets Deadline for Binance Ban Enforcement Citing Licensing Concerns
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...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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.
Christmas Considerations: SEC Extends Binance Ban Timeline
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, 2023Challenges 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 was deemed unnecessary, emphasizing Abu Dhabi's role as a leader in the virtual assets ecosystem, promoting innovation and responsible growth while safeguarding user interests.
This article was written by Tareq Sikder at www.financemagnates.com.Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Finance MagnatesRelated market context
Crypto Exchange Sign-Up Bonuses Explained: How to Get Free Bitcoin in 2026
A crypto sign-up bonus is a reward that a crypto exchange offers to new users for opening an account and completing certain tasks....
Bitcoin erased $118 million from Abu Dhabi’s ETF holdings, but its sovereign funds kept every share
Two Abu Dhabi sovereign investors kept their BlackRock Bitcoin ETF holdings unchanged through the second quarter, retaining $764 m...
Binance Blocks HTX and EXMO. Sixteen Platforms Cut Off Amid Sanctions Push
For brokers, part of the counterparty due diligence now happens upstream, as exchanges start filtering out sanctioned platforms be...
Binance Blocks 11 Crypto Platforms in Major Compliance Move Affecting User Funds
Key Takeaways: Binance will suspend trading for 11 crypto platforms starting August 23, 2026. Among the restrictions are also HTX...
Binance Ends Transactions With 16 Platforms, Warns of Wallet Reviews
Binance will stop processing transactions involving 16 crypto platforms following regulatory developments. Transfers attempted aft...
Abu Dhabi’s $764M Bitcoin Bet Holds Firm Through Market Pain
Two of Abu Dhabi’s biggest sovereign investment vehicles sat through a roughly $118 million hit to their Blackrock spot bitcoin ex...