The Philippine National Telecommunications Commission (NTC) has blocked access to the websites of cryptocurrency companies offering investment products in the country without the proper licenses.
One of the leading internet service providers in the country has rendered the websites of cryptocurrency firms MiTrade and OctaFX inaccessible, according to a report by the local media outlet Bitpinas on March 7.
In violation of regulations enforced by the Securities and Exchange Commission (SEC) of the Philippines, the NTC ordered internet service providers to block MiTrade applications and websites on February 21.
In response to a request from the SEC to begin turning off the websites of unlicensed cryptocurrency platforms operating in the country, the NTC has taken this action.
The Philippine SEC chairman, Emilio Aquino, stated in a press release that the NTC’s action will aid in preventing investment fraud in the country. Aquino declared:
“The SEC and NTC will continue to work closely together to take similar actions on other platforms facilitating illegal investment-taking activities and other predatory financial schemes.”
Aquino further emphasized that the NTC’s activities safeguard investors in the country and contribute to their efforts to combat “predatory financial schemes.”
According to the report, while the NTC has begun to prohibit unlicensed cryptocurrency trading platforms, the Binance exchange remains accessible in the country.
SEC commissioner Kelvin Lee stated on a panel on December 13 that the domestic prohibition on Binance would take effect three months after its issuance on November 29.
This implies that the ban should have been implemented on February 29. However, the SEC’s statement did not specify when it would enforce a prohibition on Binance.
A SEC spokesperson informed local media on February 28 that the organization was investigating the potential repercussions of a Binance prohibition in the country. They penned:
“The SEC is currently evaluating all possible ramifications of the blocking, including implications to Filipino customer funds. We are also working with other government agencies on the procedure of restraining unregistered entities’ operations in the Philippines.”
The SEC issued a warning against Binance on November 28, informing domestic investors that the trading platform lacks authorization to offer securities in the country.
The announcement emphasized the necessity for Binance to submit an application for registration in the jurisdiction and furnish adequate disclosure regarding the securities it trades.
