Philippines Blocks Crypto Websites Without Licenses

The National Telecommunications Commission (NTC) of the Philippines has started to prohibit websites run by cryptocurrency firms that provide investment products without the necessary licenses in the nation.

The websites of cryptocurrency companies MiTrade and OctaFX are currently unavailable in the Philippines, according to reports published on March 7 by the local media outlet Bitpinas. On February 21, the NTC issued an order directing internet service providers to ban these websites due to infringement of rules that the Securities and Exchange Commission (SEC) of the Philippines enforces.

Collaborative Efforts to Combat Investment Scams

The SEC requested that the NTC take action against cryptocurrency platforms that are operating in the nation without a license, and the NTC complied by blocking these websites. The goal of this cooperative endeavor, according to Emilio Aquino, Chairperson of the Philippine SEC, is to safeguard investors and stop investment frauds. To combat fraudulent financial operations, Aquino underlined the continued interaction between the NTC and SEC.

Reports suggest that the Binance exchange is still available in the Philippines even with the crackdown on illegal cryptocurrency trading sites. Although the SEC declared in November that it will prohibit Binance, the precise date of implementation is still unknown. A three-month grace period prior to the ban’s execution was previously indicated by SEC commissioner Kelvin Lee, raising the possibility of a suspension on February 29. But the SEC’s official comments haven’t made it clear when Binance would be banned.

While the Binance ban was being discussed, a spokeswoman for the SEC said that they were evaluating the possible repercussions of such moves, particularly how they may affect the money of Filipino customers. Strategies for limiting the activities of unregistered entities in the Philippines are being developed in cooperation with other government bodies. The SEC’s objectives in the nation’s cryptocurrency sector are to protect investor interests and maintain regulatory compliance.