SEC official Paolo Ong said that they’ve already given users three months and extended it a little to allow users to withdraw their funds from the exchange.
Philippines News
The Philippines, officially the Republic of Philippines, is a unitary archipelagic country in Southeast Asia. The Philippines is the 63rd largest country in the world and 12th in terms of population. The Philippines is one of the most ethnically diverse countries and has a large amount of various religious confessions. Philippines had gross domestic product of $348 billion at the end of 2018, making it the 34th largest economy at the time. The economy is largely made up of manufacturing electronic products, transport equipment, petroleum and its products, and agricultural goods. The economy of the Philippines is becoming more and more tech-oriented, even though 30% of the labor force is employed in the agricultural sector. Cryptocurrency in the Philippines is legal due to Circular No. 944 form, which established guidelines for Virtual Currency exchanges on June 2, 2017. The Philippines control over Bitcoin exchanges is performed by the Central Bank of the Philippines.
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Following a blockade of Binance in the country, the Philippines’ securities regulator is now targeting the online trading platform eToro.
4835SBF became the first person tied to FTX and Alameda Research to face prison time following the collapse of the exchange in November 2022.
3169The ban will take effect within five days, allowing investors to exit their crypto positions held via the Binance exchange.
13657Project Agila will first look at transfers between commercial banks and later try securities settlements and other high-value services.
2951Binance is still accessible in the country even after a three-month countdown imposed by the Philippines SEC for banning unlicensed crypto trading platforms.
11013Asian nations are pushing hard for more consumer protection, more oversight and more technical abilities for regulators.
3940The country’s central bank will focus on a wholesale CBDC, which will be mediated by banks.
5271Cointelegraph reached out to OTC service providers from two different areas of the world to learn more about the role of OTC crypto trading hubs in the crypto ecosystem.
2448The head of the Philippines SEC clarified that Binance and any other unregistered exchange issued with an advisory has three months before they are banned from the country.
23633According to the Philippines SEC, entities involved in promoting or trading on Binance could face up to 21 years of imprisonment and $90,000 in penalties.
6459Real-world asset tokenization as a concept has existed for some time. However, in 2023, with the growing interest of institutions, various governments have started experimenting with the idea.
536318 million users of Coins.ph are expected to receive a faster, lower-cost and more accessible remittance option as a result of the new partnership with Circle.
5609While Thai regulators aim to tax crypto earned overseas, Brazilian lawmakers seek to protect it from seizure.
3683The Philippines SEC is now collaborating with the U.S. SEC and the Asian Development Bank to better combat crypto-related crime.
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