According to reports from local media, the Philippine Securities and Exchange Commission (SEC) will continue to block the country's cryptocurrency trading platform, Binance. The regulator stated that its application submitted to the Philippine National Telecommunications Commission (NTC) has been approved, and the commission has requested the cancellation of local access to Binance's main website and other related platforms. In a letter to the NTC, Emilio Aquino, the chairman of the Philippine SEC, stated that Binance is "a threat to the safety of Philippine investment funds". Binance has been providing cryptocurrency savings accounts and leveraged trading products in the country without the necessary permission. Although the total number of Binance users in the Philippines is still unknown, the cryptocurrency news publication Coin Journal estimates that as of February last year, there were 7 million cryptocurrency owners in the Philippines, accounting for approximately 6.1% of the total population.
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Foreign media: Philippines will continue to block Binance
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