Philippines To Block Binance Exchange's Operations: Here's Why
AI Trading

Philippines Blocks Binance Exchange

In a decisive regulatory move, the Philippines’ Securities and Exchange Commission (SEC) has announced plans to block local access to Binance, the world’s largest cryptocurrency exchange, within the next three months. The SEC’s action is a response to Binance’s flagrant violation of the Philippines’ Securities Regulation Code.

According to the regulatory body, Binance offers a range of investment products, including leveraged trading services and crypto savings accounts, without obtaining the necessary licenses. The SEC argues that such operations pose a significant threat to the security of Filipino investors’ funds. Hence, the swift and decisive action.

Chairperson Emilio B. Aquino underscored the seriousness of the situation in a letter request addressed to the National Telecommunication Commission (NTC), stating that the NTC would collaborate with the SEC to ensure Filipinos can no longer access Binance’s website and online trading platform.

SEC Grants Grace Period For Binance Users

Meanwhile, the regulatory body has given users ninety days to exit their trade positions held on Binance or withdraw any funds they may have there. Furthermore, the SEC has enlisted the help of tech giants Google and Meta to assist in enforcing the ban by blocking Binance-related advertising targeted at Filipino users.

AI Trading

The ban imposed by the Philippines is the latest in a series of regulatory setbacks for Binance, which has been under increasing scrutiny from regulators worldwide. Last December, a US court ordered Binance to pay $2.7 billion in fines, with its former CEO Changpeng “CZ” Zhao personally liable for $150 million while he would also step down from his role as CEO.

Following the SEC’s announcement, Binance customers in the Philippines and beyond are left grappling with uncertainty as they assess the implications for their portfolios and the broader cryptocurrency market.

Binance Academy And BNB Chain Launch Web3 Developer Training Program

Despite its issues with some regulatory bodies, Binance Academy, the educational arm of Binance, has joined forces with BNB Chain, the largest layer-1 blockchain platform. Together, they have unveiled a pioneering online course – “BNB Chain Developer Specialization” to propel the adoption of Web3 technologies and cultivate a new wave of blockchain developers.

This initiative responds to the escalating demand for proficient Web3 developers and the urgent need to nurture a larger talent pool capable of driving innovation within the industry. One of the most remarkable aspects of this program is its accessibility.

No prior knowledge of blockchain fundamentals is necessary, and the entire course is offered free of charge. This inclusivity ensures that individuals from diverse backgrounds can learn and contribute to the burgeoning blockchain ecosystem.

The program comprises twenty meticulously curated courses, all in English, covering various topics. Notable topics include foundational blockchain concepts and advanced subjects such as smart contracts, solidity, decentralized finance (DeFi), decentralized applications (DApps), and Greenfield architecture.

Democratizing Web3 Adoption

Yi He, Co-Founder of Binance, remarked that this program is pivotal in driving the growth and adoption of blockchain and Web3 technologies and reaffirms Binance’s commitment to supporting the growth of the broader blockchain ecosystem. With opBNB ranking as the foremost blockchain platform by daily active users and BNB Smart Chain (BSC) as the premier L1 blockchain, its community-driven ethos aligns with its mission of fostering innovation and inclusion within the digital economy.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.

Leave a Reply

Your email address will not be published. Required fields are marked *