Binance prohibition leads to increased charges for Filipino citizens

Traders in the Philippines are now facing higher trading fees and a limited selection of crypto tokens after Binance was banned from the country, according to an executive in the region. The ban was announced by the Philippines Securities and Exchange Commission (SEC) on Dec. 14, 2023, following Binance’s failure to register and comply with regulations. The ban was fully implemented on April 23, with local internet service providers blocking the exchange and Apple and Google removing the Binance app from their stores. Local players have expressed mixed sentiments about the ban. Ethan Rose, CEO of Bitcoin payment facilitator Pouch, believes that the ban protects Filipino traders from malicious actors and benefits the local economy. However, he acknowledges that traders will face higher fees. Arlone Polo Abello, CEO of crypto education firm Global Miranda Miner Group, believes the ban highlights the importance of regulatory compliance and proper registration for exchanges operating in the country. Jay Ricky Villarante, CEO of OTC trading company Moneybees, sees the ban as a significant development for the crypto industry in the Philippines, fostering regulatory clarity and promoting responsible innovation.