In a recent move, the Philippine Securities and Exchange Commission (SEC) has clarified the timeline for the impending ban on Binance, alongside other unregulated crypto exchanges. The announcement, made by SEC Commissioner Kelvin Lee during a recent panel discussion, sheds light on the evolving regulatory landscape in the Philippines and its implications for crypto investors.
Notably, the recent remarks and bold steps from the Philippine SEC reflect the increased focus of global regulators on the crypto industry.
Philippines’ Clarification On Binance Ban
SEC Commissioner Kelvin Lee emphasized during the panel that the ban on Binance would be effective three months from the issuance date of the advisory, which was November 29. Meanwhile, he acknowledged the potential for an extension based on feedback but highlighted the extended duration to spare Filipino investors from unnecessary hardship during the Christmas season, a local media reported.
In addition, Lee disclosed that the init
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