Philippines SEC urges users to withdraw funds before Binance’s ban

Philippines Securities and Exchange Commission (SEC) PhiliFintech Innovation Office Chief Paolo Ong has said that the agency cannot sign off on new methods to withdraw from Binance after its potential ban. Recall that the Philippines SEC ordered the country’s National Telecommunications Commission (NTC) to block access to some exchanges due to their unlicensed status.

Philippines SEC clarifies stance over Binance ban

Paolo Ong noted that the agency had already announced a three-month grace for users of the exchange to withdraw their funds. Adding to it, he said that there were still other extensions for users to remove their funds before the potential ban. However, Ong added that he hopes that users’ funds would not still be caught on the exchange when the time to implement the ban comes. He advised that users can send their funds to local exchanges or make use of their wallets before the grace period elapses.

When asked about the fate of users who are unable to use this grace period, the official stated that there is no other suggested method to withdraw the funds after the grace. He clarified that now that the order is approved, the agency will not be able to endorse a new method. On March 25, the NTC issued an order to internet service providers (ISPs) in the country to cut access to Binance within five days after the order was issued. However, Ong said that the ban had not been fully implemented when he was asked why users could still access the exchange.

Challenges and future outlook for Binance users

Former Binance CEO Changpeng Zhao, in a press conference in Manila, assured users in the country that the exchange was in talks with authorities to earn a license of operation in the country. However, the official claimed that the agency did not receive any application to that effect from Binance. He further went on to explain that they are yet to receive any official or formal application to own a license status from the exchange.

Ong also claimed that the Philippines SEC had been issuing a series of warnings about the status of the exchange before implementing the ban. In 2022, the agency released a statement warning investors against carrying out services on the platform. The regulator noted at the time that the exchange lacked the authority to solicit investments or carry out any operations in the country due to its unlicensed state.