Kelvin Lee, the Chairman of the Securities and Exchange Commission (SEC) in the Philippines, announced on December 13th during a panel discussion that several cryptocurrency exchanges operating in the country, including Binance engaging in unregistered activities, would be banned.
All Unregistered Exchanges Operating in the Country Will Be Prohibited
The ban decision will cover not only Binance but also two other exchanges, OctaFX and MiTrade, which have recently been implicated in unauthorized transactions. Lee stated that these exchanges would be banned if they continued to operate in the country.
Objective is Investor Protection
The Philippines SEC emphasized its aim to ensure financial security and regulatory standards, pointing out the potential risks posed by unregistered exchanges in the country. Local authorities highlighted the vulnerability of unregistered exchanges to financial crimes and fraud, emphasizing that these measures are solely aimed at protecting investors.
“At the end of the day, it’s about registration. Ultimately, it’s about consumer protection. Deal with registered entities.”Kelvin Lee
Finally, Lee stated, “We decided to take this significant step to address the risks posed by unregistered exchanges, maintain our financial stability, and protect our investors.”