Paolo Ong, the officer of the PhiliFintech Innovation Office representing the Philippines’ Securities and Exchange Commission (SEC), has made a statement regarding the recent ban on Binance. Ong emphasized that the SEC cannot recommend any specific methods for users to recover their funds following the ban.
The SEC had given users a three-month notice period, which was extended to allow ample time for fund withdrawals from the exchange. The hope was for investors to transfer their funds to local exchanges or personal wallets within this timeframe.
When asked about the fate of users who could not withdraw their funds in time, Ong clarified that the SEC could not endorse any specific methods for fund retrieval post-ban implementation.
On March 25, the National Telecommunications Commission (NTC) instructed local internet service providers (ISPs) to block access to Binance. The NTC provided a five-day window for compliance. Despite this directive, the Binance website remained accessible in the country, as confirmed by Cointelegraph.
Former Binance CEO Changpeng Zhao had announced plans for the exchange to seek licenses in the Philippines. However, Ong revealed that the SEC had not received any formal applications from Binance for registration in the country.
Furthermore, Ong reiterated that the SEC had issued multiple warnings to the public about investing in Binance. In 2022, the SEC issued a notice cautioning against investing in Binance, emphasizing the exchange’s lack of authority or license to solicit investments in the Philippines.
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Source: Philippines SEC ‘can’t endorse’ ways to retrieve funds after Binance ban
