Malaya Ruiz
Binance, the world’s largest cryptocurrency exchange by trading volume, will no longer be available in the Philippines as the National Telecommunications Commission (NTC) mandated internet service providers to block access to the platform. This significant development follows measures taken by the Philippines’ Securities and Exchange Commission (SEC) against the unlicensed operations of the crypto exchange in the country.
In a media release, the SEC set forth the details of its letter-request to the NTC, citing that the exchange “poses a threat” to the safety of Filipino investors. Binance has failed to acquire authorization from the SEC to solicit investments from the public or to establish a platform for trading securities, as stated in the release.
Upon receiving the letter-request, the NTC immediately issued a memorandum for internet service providers (ISPs) to block user access to Binance’s website.
Globe Telecom, a premier telecommunications company in the Philippines, has started taking steps to prevent access to Binance’s website and its associated webpages. This was confirmed by Anton Reynaldo M. Bonifacio, Chief Information Security Officer of Globe.
“Globe will comply with the NTC order to block access to the domain. However, ads inside social media are not within our control, and blocking of those will have to be done by the social media platforms,” Bonifacio said in a message to BusinessWorld.com.
Meanwhile, PLDT, a leading telecommunications and digital service provider in the country, has already imposed access restrictions to the crypto platform.
“Since this morning, PLDT Group has complied with the NTC memorandum, blocking access to Binance in the Philippines,” PLDT said in a statement to BusinessWorld.com.
In an informative thread on X (formerly Twitter), Luis Buenaventura, Head of Crypto at GCash, shared a number of ways to transfer cryptocurrencies from Binance post-ban. Those looking to access Binance can use the app 1.1.1.1 to bypass local networks temporarily.
This development comes as no surprise to those who have been following the matter. Last November, the SEC advised the public to avoid using the cryptocurrency exchange and began looking into the possibility of blocking the platform in the country to protect individuals from unlicensed investment products.
Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
