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, 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 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.
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