Following Binance‘s expulsion from the Philippines, traders in the country now face increased trading fees and a reduced selection of crypto tokens, as indicated by a regional executive.
On December 14, 2023, the Philippines Securities and Exchange Commission (SEC) initiated a three-month countdown to a Binance prohibition.
Kelvin Lee of the SEC noted Binance’s failure to register in the Philippines and adhere to regulations.
The National Telecommunication Commission (NTC) instructed local internet service providers to block the exchange on March 25.
Subsequently, on April 23, the SEC directed Apple and Google to remove the Binance app from their stores.
With the ban in full effect, Cointelegraph contacted local stakeholders to gauge the impact of the Binance ban on the Philippine crypto space.
Ethan Rose, CEO of Pouch, which facilitates Bitcoin payments in the Philippines, applauded the ban, citing former Binance CEO Changpeng Zhao’s involvement in serious financial crimes.
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Rose emphasized the ban’s protective nature for Filipino traders.
Rose highlighted a shift of business to local exchanges due to the ban, predicting a positive effect on the local economy and global investment funding for Philippine crypto businesses.
However, Rose acknowledged the trade-offs, foreseeing higher trading fees and fewer token options for Filipino traders.
Arlone Polo Abello, CEO of Global Miranda Miner Group, characterized the SEC action as not a significant crackdown but a reflection of the US SEC’s registration requirements for exchanges like Binance.
Abello noted Binance’s lack of communication with Filipino traders, which was apparent in their focus group discussions.
Jay Ricky Villarante, CEO of Moneybees, emphasized the importance of regulatory compliance in the crypto industry.
He viewed the ban as a step towards regulatory clarity in the Philippine crypto market, fostering confidence and responsible innovation.
In summary, while acknowledging both positive and negative implications, Villarante deemed the ban a significant development for crypto in the Philippines.
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