The Philippine Securities and Exchange Commission (SEC) recently cleared the deadline for the impending ban of Binance and similar unregulated cryptocurrency exchanges. During a recent panel talk, SEC Commissioner Kelvin Lee disclosed this news. He shed light on the evolving regulations in the Philippines and how crypto-investors might be affected.
The Philippine Securities and Exchange Commission recently released some important statements and took action. This shows that global authorities are watching the cryptocurrency field more closely.
At a panel talk, SEC Commissioner Kelvin Lee shared vital news. He said the blocking of Binance would start three months after they advised, on Nov 29. He thought they might need to give more time due to any concerns raised. Local news said the extra time is there to circumvent problems for Filipino investors during the busy Christmas period.
However, Lee mentioned that the first idea that came his way suggested a month. This showed his willingness to adjust according to the changing situation.
Lee answered back to the critique that Binance should be left alone despite being cost-friendly. His reasoning? Its affordable rates stem from its non-compliance with local laws.
Moreover, Lee stressed the SEC’s role to warn investors about unregistered exchanges. This points to the importance of being responsible and the related costs for registered bodies.
SEC’s Focus On Binance: Unraveling Cryptocurrency Regulations
Lee talked about the upcoming changes in crypto regulations. Soon, a specially chosen group of experts will replace public input. They’ll check the draft plan carefully and suggest improvements. Even though the draft emphasizes the SEC, Lee firmly believes conflicts with other regulators will be fixed. This will be done by adding more specific rules and regulations.
Important to note, Commissioner Lee stressed the value of putting money into registered groups, promoting safety for buyers, and urged teamwork with the growing list of online asset service providers (VASPs) in our country. These rules and regulations highlight the SEC’s commitment to teaching and safeguarding Filipino investors in the evolving world of cryptocurrency.
However, to bring you up to speed, on Nov 29, the Philippine Securities and Exchange Commission (SEC) dropped some hefty details. They linked Binance to providing unauthorized securities in the country. Going by Philippine laws, securities and their issue prices must be listed with the SEC. This rule also applies to companies and licensed dealers in the Philippines.
Interestingly, Binance ran into some issues not long after the U.S. Department of Justice (DoJ) sued the exchange. They accused it of things connected to laundering money. Binance’s CEO, CZ, replied by admitting guilt to these charges.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
