The National Telecommunications Commission (NTC) of the Philippines has taken action to block websites of cryptocurrency companies that offer investment products without the necessary licenses in the country.
According to local media outlet Bitpinas, the websites of crypto firms MiTrade and OctaFX are now inaccessible through one of the country’s major internet providers. The NTC issued an order on February 21 to internet service providers, instructing them to block the applications and websites of MiTrade for violating regulations enforced by the Securities and Exchange Commission (SEC) of the Philippines.
The NTC’s move comes in response to a request from the SEC to block websites of crypto platforms operating without a license in the country. In a press release, SEC Chairperson and CEO Emilio Aquino stated that the NTC’s action will help prevent investment scams and protect investors in the country. Aquino emphasized the NTC’s support in their fight against “predatory financial schemes.”
While the NTC has started blocking unlicensed crypto trading platforms, the popular Binance exchange remains accessible in the country. In December 2023, SEC Commissioner Kelvin Lee mentioned that the ban on Binance in the country would come into effect three months after it was issued on November 29. However, the SEC has not yet provided a clear timeline for implementing the ban.
The SEC spokesperson stated that the agency is assessing the potential impact of a Binance ban in the country. The SEC had previously warned investors in the Philippines that Binance is not authorized to offer securities in the country and urged the platform to apply for registration and provide necessary information about the securities it offers.
In summary, the NTC is taking action to block websites of crypto companies without licenses in the Philippines, following a request from the SEC. While other platforms have been blocked, Binance remains accessible, and the SEC is considering the potential effects of a ban on the platform.