Philippines SEC Refrains from Endorsing Fund Retrieval Methods Following Binance Ban

Crypto exchange Binance has been blocked by the Philippines Securities and Exchange Commission (SEC), leaving users unable to withdraw their funds. Paolo Ong, the officer in charge of the SEC’s PhiliFintech Innovation Office, stated that the regulator could not endorse any methods for retrieving funds after Binance is blocked by internet service providers (ISP) in the country. The SEC had given a three-month warning and extended the ban implementation period to allow investors enough time to remove their funds from the exchange. Ong hoped that investors had already transferred their funds to a local exchange or their wallets within the specified timeframe. However, he admitted that there were no suggested means for users to reclaim their money if they were unable to withdraw in time. The National Telecommunications Commission (NTC) ordered ISPs in the country to block access to Binance, but the exchange’s website was still accessible at the time of writing. Former Binance CEO Changpeng Zhao had previously stated that the exchange was seeking licenses in the country, but Ong clarified that the SEC had not received any applications from Binance to register formally. The SEC had issued warnings to the public about investing in Binance, stating that the exchange does not have the authority or license to solicit investments in the country.