The Philippines National Telecommunications Commission (NTC) has taken action to block the websites of cryptocurrency companies that offer investment products without the necessary licenses in the country.
According to a report by local media outlet Bitpinas on March 7, the websites of crypto firms MiTrade and OctaFX are now inaccessible through one of the country’s largest internet providers. This action was taken by the NTC in response to an order issued on February 21, which required internet service providers to block applications and websites associated with MiTrade for violating regulations enforced by the Securities and Exchange Commission (SEC) of the Philippines.
The SEC had requested the NTC to block websites of crypto platforms operating without a license in the country. In a press release, SEC Chairperson and CEO Emilio Aquino stated that the NTC’s action will help prevent investment scams and protect investors in the country.
Despite the NTC’s action against unlicensed crypto trading platforms, the Binance exchange remains accessible in the Philippines. SEC Commissioner Kelvin Lee had announced on December 13, 2023, that a ban on Binance in the country would come into effect three months after its issuance on November 29. However, the SEC has not provided a clear timeline for when it will proceed with the ban.
The SEC spokesperson stated on February 28 that they are currently examining the potential impact of a Binance ban in the country. The SEC had previously issued a warning on November 28, stating that Binance is not authorized to offer securities in the Philippines. They emphasized that Binance should apply for registration and provide adequate information about the securities it offers.
In summary, the NTC has taken steps to block websites of crypto companies operating without licenses in the Philippines, while the status of a potential ban on Binance remains uncertain.