{"id":9811,"date":"2024-04-09T03:03:22","date_gmt":"2024-04-09T03:03:22","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/all-crypto-lost-binance-users-cant-retrieve-funds-after-philippines-sec-ban\/"},"modified":"2024-04-09T03:03:22","modified_gmt":"2024-04-09T03:03:22","slug":"all-crypto-lost-binance-users-cant-retrieve-funds-after-philippines-sec-ban","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/all-crypto-lost-binance-users-cant-retrieve-funds-after-philippines-sec-ban\/","title":{"rendered":"All Crypto Lost? Binance Users Can\u2019t Retrieve Funds After Philippines SEC Ban"},"content":{"rendered":"

The recent ban on crypto exchange Binance has left many Filipino users wondering whether their holdings will be forever lost. In a recent interview, attorney Paolo Ong discussed the Philippines Securities and Exchange Commission (SEC)\u2019s decision to ban the exchange and how it has affected its users.<\/p>\n

<\/span>Binance Is Not Being \u201cSingled Out\u201d<\/span><\/h2>\n

Paolo Ong, the officer in charge of the SEC\u2019s PhiliFintech Innovation Office, joined<\/a> One News PH to explain the SEC\u2019s ban on Binance and the regulator\u2019s stance on crypto exchanges that don\u2019t comply.<\/p>\n

As Bitrabo reported, the SEC banned Binance\u2019s website and online services in the Philippines. The Filipino regulator requested assistance from the National Telecommunications Commission (NTC) to \u201cprotect Filipino investors.\u201d<\/p>\n

Due to the recent events regarding the crypto exchange and its former CEO, Changpeng \u2018CZ\u2019 Zhao, the SEC had to look deeper into their investigation. The attorney explained that the regulator found it was \u201cnecessary to ban the platform.\u201d<\/p>\n

Nonetheless, the SEC officer affirmed that the ban wasn\u2019t an attempt to single out the largest exchange in the world. Instead, \u201cthis was a recurring enforcement action against these platforms.\u201d<\/p>\n

According to Ong, approximately 14 platforms were banned in 2023 in the Philippines, as such:<\/p>\n

\n

We\u2019re not singling out Binance, and this is part of our exercise for a mandate in protecting Filipino investors.<\/p>\n<\/blockquote>\n

Recently, the regulator warned crypto trading platform eToro for not being registered as a corporation in the Philippines and lacking the required licenses to operate within the country.<\/p>\n

Regarding eToro\u2019s case, the SEC\u2019s officer affirmed that it \u201cis the same as Binance. They are not registered and are operating in the Philippines.\u201d<\/p>\n

The Filipino regulator is starting the notification period and trying to inform the public about the imminent fate of the country’s trading platform.<\/p>\n

<\/span>Can Filipino Binance Users Access Their Crypto?<\/span><\/h2>\n

The attorney explained that the \u201cgrace period\u201d for eToro users starts with the SEC\u2019s notification process. Investors must choose whether to transfer their funds to one of the licensed and registered exchanges within the country or a personal wallet.<\/p>\n

The officer was questioned about Binance users who didn\u2019t withdraw their funds, as they find their holdings inaccessible now that the exchange is blocked by the internet service providers in the Philippines.<\/p>\n

Ong considers that the crypto exchange users had sufficient time to withdraw their funds:<\/p>\n

\n

We issued the advisory last November. We gave a three-month period. Actually, we extended the period for people to take out their money or investments from the platform.<\/p>\n<\/blockquote>\n

As a result, the SEC officer affirmed that the regulator \u201ccan\u2019t endorse any method\u201d for investors to \u201ctake out their money now that the blocking order is out.\u201d<\/p>\n

According to the attorney, crypto transactions in the Philippines were around $80 billion in 2023. He emphasized that, due to the large numbers, the SEC is taking steps to protect Filipino investors by drafting their rules for cryptocurrencies.<\/p>\n

Nonetheless, these regulations take time, as Ong explained, so:<\/p>\n

\n

One approach the SEC did to address these innovations is to set up the innovation Office to guide people on the risks, as well as the opportunities in the kinds of technologies used in financial services.<\/p>\n<\/blockquote>\n

At the time of the interview, the SEC has not received any formal application from Binance or eToro to apply for a license. According to the attorney, they have not reached out to \u201cdo the right thing\u201d and comply with the country\u2019s regulations.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The recent ban on crypto exchange Binance has left many Filipino users wondering whether their holdings will be forever lost. In a recent interview, attorney Paolo Ong discussed the Philippines Securities and Exchange Commission (SEC)\u2019s decision to ban the exchange and how it has affected its users. Binance Is Not Being \u201cSingled Out\u201d Paolo Ong, […]<\/p>\n","protected":false},"author":1,"featured_media":9812,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"All Crypto Lost? Binance Users Can\u2019t Retrieve Funds After Philippines SEC Ban - Bitrabo","description":"The recent ban on crypto exchange Binance has left many Filipino users wondering whether their holdings will be forever lost. In a recent interview, attorney Pa"},"footnotes":""},"categories":[316],"tags":[1859,347,504,831,3070,3186,3226,520,732],"class_list":["post-9811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-ban","tag-binance","tag-crypto","tag-funds","tag-lost","tag-philippines","tag-retrieve","tag-sec","tag-users"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/9811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=9811"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/9811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/9812"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=9811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=9811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=9811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}