Philippine Binance investors dump USDT at 5-7% discount following regulatory ban

The Philippine Securities and Exchange Commission has requested the country's telecommunications regulatory agency to block Binance this week, causing users to withdraw funds from the cryptocurrency exchange. It is reported that merchants on Binance's P2P market are selling Tether's USDT at a discount of 5% to 7%, while retail customers are facing "huge" on-chain transaction fees.

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