The recent ban on crypto exchange Binance has left many Filipino users wondering whether their holdings will be forever lost. In a recent interview, attorney Paolo Ong discussed the Philippines Securities and Exchange Commission (SEC)’s decision to ban the exchange and how it has affected its users.
Binance Is Not Being “Singled Out”
Paolo Ong, the officer in charge of the SEC’s PhiliFintech Innovation Office, joined One News PH to explain the SEC’s ban on Binance and the regulator’s stance on crypto exchanges that don’t comply.
As Bitcoinist reported, the SEC banned Binance’s website and online services in the Philippines. The Filipino regulator requested assistance from the National Telecommunications Commission (NTC) to “protect Filipino investors.”
Due to the recent events regarding the crypto exchange and its former CEO, Changpeng ‘CZ’ Zhao, the SEC had to look deeper into their investigation. The attorney explained that the regulator found it
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