Philippines SEC Refrains from Recommending Methods to Recover Funds Following Binance Ban

Crypto exchange Binance has been blocked by the Philippines Securities and Exchange Commission (SEC), leaving users unable to withdraw their funds. Paolo Ong, the officer in charge of the SEC’s PhiliFintech Innovation Office, explained that the SEC cannot endorse methods for retrieving funds after Binance is blocked by internet service providers (ISP) in the country. The SEC had given a three-month warning and extended the ban implementation time to allow investors to remove their funds, hoping that they would have already transferred them to a local exchange or their wallets. Ong stated that there are no suggested means for users to reclaim their money if they cannot withdraw it in time. The National Telecommunications Commission (NTC) ordered ISPs to block access to Binance, and local ISPs have five days to comply. Ong mentioned that they are still working on fully implementing the ban, as the exchange is still accessible in the country. It was also revealed that Binance had not submitted any applications to the SEC to formally register in the country. The SEC had previously warned the public not to invest in Binance, stating that the exchange is not authorized or licensed to solicit investments in the country.