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Author Topic: Binance will be ban in the Philippines?  (Read 48 times)

indian_blog

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Binance will be ban in the Philippines?
« on: July 09, 2022, 03:52:24 PM »
Good day to all the members in this forum, maybe I should start our conversation with the questions we will discuss.

First question, is it possible to ban Binance in the Philippines?

According to the BSP (Bangko Sentral ng Pilipinas) there is a group or organization called INFRAWATCH PH that issued a letter to the BSP saying that one of the largest cryptocurrency exchanges in the world should be banned or suspended. Because it doesn't have a license to operate in our country, and if your gonna take a look at it, they are right. Because in order for you to be an official company related to exchange or virtual assets, you need to have a VASP (Virtual Asset Service Provider) and there are always associated requirements before you can have a license to operate in the Philippines. And some of the licenses here are Coinsph, PDAX and Paymaya which will soon be able to buy and sell crypto.

According to Binance, they have not yet formally received the letter about banning them here in the Philippines. And they are also ready                  to discuss about this matter because they are also ready to get a VASP license or even an E-money license.

And as far as I know, last June the CEO and Founder of Binance visited here and they plan to expand here in our country, and they also plan to provide a scholarship program and eventually the graduates will be able to work in the Binance company.

According to the SEC (Security Exchange Commission), Binance is also not registered but they are monitoring it despite the fact that other investigations are still being conducted not only here but also in other countries such as France and the U.S. That is why because of these events the value of their BNB token was affected.

So far we have not really heard any Final updates on these events, because at the present time now we can still use Binance here in our country whether we want to transfer it via Coinsph, Gcash, or Bank account that we have. And I just hope that Binance will not be banned in our country because there are also many users here in our country.

Referrence:
- https://bitpinas.com/regulation/bsp-urged-to-ban-binance-for-illegally-operating-in-the-philippines/
- https://bitpinas.com/regulation/binance-response-infrawatch-bsp-ban-ph/

CryptoboyRamesh

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  • Re: Binance will be ban in the Philippines?
    « Reply #1 on: July 10, 2022, 03:25:33 AM »
    binance always abide laws of certain country's regulation. the binance.ph seem already in place which users are directed to binance.com.

    binance knew Philippines has the biggest crypto users in Asia, it will be a big loss if they are not going to deal with it as soon as possible. it is not a big problem for users though because there are also huge list of exchanges that  users can go.
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    indianCrypto

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    Re: Binance will be ban in the Philippines?
    « Reply #2 on: July 10, 2022, 04:23:39 PM »
    If the licence is necessary to operate the exchange and other exchanges can able to get the for sure Binance will also follow the rules of their government and implement everything its needed. This is not an official or anything just an organization pointing their fingers to ban Binance but it won't happen anyway unless Phillipines ban the trade of cryptocurrencies completely.

    hunter_garl

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    Re: Binance will be ban in the Philippines?
    « Reply #3 on: July 11, 2022, 04:41:13 AM »
    Binance is an organization, any organization in a country can be stopped to further not be operating anymore in the particular country by the government of the country. So yes, Binance can be banned from Philippines. The people that are using Binance in Philippines are many, Binance will not want to risk this, it is also still a proposal, but I believe Binance will try all their best for their exchange to continue to be operating in the country as they will abide to the laws and regulations given by the country.

    AishwaryaDas

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    Re: Binance will be ban in the Philippines?
    « Reply #4 on: July 11, 2022, 07:02:58 AM »
    First question, is it possible to ban Binance in the Philippines?

    From all you've said, I don't think the ban will happen, Binance is already a very big exchange and any licenses they need to continue their operation in Philippines would be to hard for them to get I believe, we all know that the Binance CEO, CZ, is a very hard working man and also a man devoted to his business and the expansion and adoption of cryptocurrencies, He would definitely go to any length to make sure no ban happens, and also considering the fact that Binance have a lot of users from Phillipines, this will serve as a motivation for CZ to make sure the ban does not happen, so put your mind at rest.

    Review_Master2

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    Re: Binance will be ban in the Philippines?
    « Reply #5 on: July 11, 2022, 09:05:41 AM »
    I read this news several months ago and it's recurring again, it seems that binance is trying to find a legal framework in the Philippines but so far it has not found, this article is a few weeks ago (https://www.coinspeaker.com/binance-operational-licenses-philippines/)
    Yes, they can be banned in the Philippines but I think the state will allow them whenever the license is available and I don't think Binance will not comply with the legal process, so it's hard to see their ban soon.
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    cashisking86

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    Re: Binance will be ban in the Philippines?
    « Reply #6 on: July 12, 2022, 06:11:05 PM »
    binance always abide laws of certain country's regulation. the binance.ph seem already in place which users are directed to binance.com.

    binance knew Philippines has the biggest crypto users in Asia, it will be a big loss if they are not going to deal with it as soon as possible. it is not a big problem for users though because there are also huge list of exchanges that  users can go.

    Exactly they got it sorted pretty quickly in the States to allow to continue to operate. If the audience is worth that much they will move just as quickly.

     

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