The Securities and Exchange Commission (SEC) of the Philippines is intensifying its efforts to regulate online trading platforms by collaborating with the National Telecommunications Commission (NTC) to block access to both cryptocurrency giant Binance and the unlicensed investment platform MiTrade.
Highlighting Binance’s lack of registration in the Philippines, the SEC emphasized that the crypto trading platform is unauthorized to sell or offer securities within the country. SEC Chairperson Emilio Aquino underscored the potential threat to the security of Filipino investors’ funds posed by continued access to Binance’s websites and apps.
This move follows the SEC’s November 2023 announcement of its intention to block access to Binance, as part of a broader crackdown on unlicensed online trading platforms operating within the Philippines.
Despite these actions, the SEC assured Filipino investors who have already invested in Binance that they would be given ample time to withdraw their investments and adjust their portfolios accordingly.
Meanwhile, MiTrade, another unlicensed investment platform in the country, faced similar regulatory action, with the SEC requesting the NTC to block its website and app. Like Binance, MiTrade’s operated without proper registration and authorization in the Philippines.
These collaborative efforts between the SEC and NTC underscore a concerted push to enforce regulations and protect investors from unauthorized and potentially risky investment platforms.
