Topic: Philippines bans Binance (Read 373 times)

If they are facing issue in a number of countries after the drama between them and the SEC, they will not have an easy ride. There are too many countries, each with their own rules/regulations that I think Binance is not respected and trusted as much as the owners believe it is and it clearly has very little clout when it comes to those making the political decisions.

Other exchanges should keep an eye on the situation because of it is Binance under the microscope today, it could be their exchange being scrutinised tomorrow.

Binance users in Indonesia can still use the application but Android smartphone users cannot update the new version of the application via the Play Store.
Binance exchange in Indonesia is not registered with the country's legal entity so that the application is no longer available on Playstore is a natural thing.

Through the Telegram group, they said that Indonesian Binance Exchange users can still download and update the Binance Exchange application via the default apps store such as the Galaxy Store, Oppo Store, Xiaomi Store and other stores.

I think if Binance is illegal because it doesn't get an operating permit in every country it operates in, it's better to just withdraw it even though Binance is very famous for features that are familiar to users.

Yeah, I understand that mate. The country should go first and they should operate legally here in our country for our government to get some benefits from getting liquidity, and trading activities in our region. I've read that Binance isn't doing any necessary action and it's from the one of the staff of our SEC. I don't know if he's saying real stuff about the compliance but that's what I've read somewhere with his statements regarding this issue of Binance and soon they're going to do actions of banning the access to the app too. They're right, they're just doing the right thing that the country has no benefit at all unless Binance really does. Honestly, I was in hope that they're taking necessary actions but hearing that, it just broke my expectations. 

I quite understand you and also share in the pain of the Philipines, but, I repeat, your country must come first. I share in the pain because it happens in my country too. The P2P initiative and even the direct internal transfer to our bank account from Binance and other exchanges are the best, they have the Buying and Belling prices that are good with a very ridiculous spread in most cases. This means that you part ways with a very little amount of money if you Buy today and Sell tomorrow, or Sell today and Buy tomorrow. This obviously put an end to the undue dominance of the local exchanges that I can only term "Rippers and Extortioners."

I started using the local exchangers services many years even before the introduction of Bitcoin and I've exchanged a whole lot of different digital assets with them. The service is always the same, even as they dominate the market in the manner of no competition but for ripping purposes. Crypto exchanges however put an end to that. For you to understand how bad it was in my country ($), imagine, quoting the Buying price of an asset to be $2,000 and the Selling price to be $1550, leaving us with the Spread/Charges of $450. Is that not wickedness? That's what the government is forcing us into again. Well, let's just take it as collateral damage, a price that must be paid before exchanges do the needful, because our governments are not at fault here, they are only demanding for their rights.

It's because the local exchanges have a larger spread and the rates are better with Binance. Can't control the minds of the people if they say that for real and they're everywhere if there are news on it that are posted on social media, mostly swarmed by our fellow countrymen that don't like the decision but anyway, there's a new update that even the app will be banned soon.

They're pushing it through.
https://bitpinas.com/regulation/sec-binance-app/

I'm not so familiar with the legal nitty-gritty of registering a crypto exchange here. What I know is that there are crypto exchanges here that got the nod of the central bank. In other words, they're registered, licensed to operate. In which case, they're bound by laws, policies, and regulations of government agencies like the Securities and Exchange Commission (SEC), Anti-Money Laundering Council (AMLC), Bureau of Internal Revenue (BIR), the central bank (BSP), among others. Binance isn't one of them.

Admittedly, this ignorant and incompetent country doesn't have updated laws. What we have are archaic laws that haven't kept up with the times. But the point is that crypto exchanges could still obtain licenses to operate. They may be classified as Remittance and Transfer Company (RTC) or as a Virtual Asset Service Provider (VASP). What's important is that they're legally operating. Binance could have obtained such a license. But it chose not to.

Guess I missed all of this news, and I always hate to see shit like this go down.  But how is it that Binance is/was operating illegally in the Philippines?  Is it simply because they're "unregistered"?  I'm not even sure what that means, since I don't know what the laws are in that country regarding crypto and specifically what it takes for an exchange to gain legitimacy.

Yeah, that's a smoke screen right there.  There's no government on the face of the planet that cares so much about relatively small crypto investors that they've got to ban their citizens from using one of the biggest and reputable exchanges out there.  It's the same old story: crypto threatens fiat, which has to be protected at all costs. 

Any updates on this one?

In regarding on the ban, is it possible that they could really be able to ban on accessing Binance through their app? Im still able to access Binance via app or this ban didnt push through.?
SEC does really love on trying out to stir things up specially on Philippines where government officials are really that corrupt. They do really always loving on stirring up in regarding
about cryptocurrency dealings just because they cant really be able to extract out taxes on which people do really skip out on doing so.

If they would really be tending to ban it completely then people would really be making use of VPN but of course it would really be something that
risky for the users side which we know that once banned then accessing would really be indeed a violation.

Bro, above all reasons, sentiments, wants and wishes, your country must come first. Damn what the citizens are saying about it or the benefits they get from Binance, the exchange cannot reap from the country and not remit the needful taxes for the benefit of the country. It is either they allow the fortune to be well distributed among the concerned parties, or they forget about the relationship with your country. It is never too much for your country's government to ask from an exchange. But it was certain Binance didn't want to cooperate with them after giving them enough time and even extending the grace by an extra month. They seem to want to gain ALL which is so selfish.

Also, they might be afraid of the money laundering activities that could be uncovered if they allow the country's government to oversee a lot, which is normal. You can see what is happening with the US branch of exchanges and how they uncover a lot of cheating, price manipulation and illicit financial flows. I wonder how rotten the global branches of these exchanges would be. It would be so unspeakable, is this what a responsible government would allow to be going on unabated despite having a link to their country?

While that's true that the PH SEC did the right thing of informing of their plans several months ago but most of the citizens didn't like what they did because it's known that there are a lot of users in here.

And that's the same here, despite the domain ban. Many are still able to connect and access through the app so I guess our NTC did just banned the domain and not the entire thing that's related to Binance and only them can do the rest.

I agree to you with that, that we should only have our coins in our wallets. But compared to our local exchanges, Binance seems better in many aspects.

They basically made it impossible for Australians to deposit at Binance. The big four banks here have stopped the ability to deposit to Binance. 

To be fair, this is a good thing. Binance is a dodgy exchange (like many); you should only have your coins in a wallet. Don't gamble them through an exchange. 

I must say that I love what the government of the Philippines is doing, the situation is similar to that of Nigeria but the steps taken by the Philippines' government are mature and polite. This is the right way to tackle the situation, unlike the Nigerian government's approach. I've said it, if my government handled the situation well to demand their right in the right way, I will be the first to support them and stop using Binance immediately even if they do not block access to their domain. The Philippines' government had tried enough to give it time even though it may not be appropriate to include the US government in this context. It is their right to make Binance or any other companies accountable just like what the US did. This will help them to know the inflow and outflow, curb money laundry and be able to get their correct tax.

Not that the company will earn big from the citizens and give the government nothing, that is bad. Now, the awkward thing is that, just like yours, they banned the domain in my country but the app is still working. That's ill indeed. Till today, I still have access to the Binance app despite my country's ban of the Binance domain for over a month.

But the thing now is, he's no longer part of Binance and he's not a CEO anymore. The new CEO is Richard Teng.

As much as we're putting hope that this is the last negative news that we'd see. But every bull run we see dozens of these news from region to region with what the local government sees a need for them to address this to the exchange having some benefits with their citizens and not giving back or comply to their regulations for such licenses, taxes, etc.

Asia, Europe, the average cases faced by Binance are almost the same, taxes and regulations, money laundering and so on in these regions, Binance CEO Changpeng Zhao should think and act professionally in handling every problem that occurs with Binance, considering that Binance has now received a positive view from its users, is this the end of the exchange in the eyes of the public.

The same problem never stops with the local government banning/closing Binance, currently in the Philippines, tomorrow or the day after tomorrow, which other country will publish a ban on Binance, actually things like this are already saturated in seeing negative news about Binance, I just hope this is the last news we see and hope that in the future all parties involved have a positive solution to the exchanges operating in their respective countries.

Exactly. Some users that I know are still using Binance until now despite it being banned and blocked. Of course, there are ways to circumvent the implementation, but I don't think it is worth the risk. After all, there are abundant alternatives available to them. Why would they insist on a platform that's banned? KuCoin and Bybit, for example, are also growing in popularity within the country. They're centralized and requiring KYC as well, but that was the same with Binance.

Plus, of course, there are also better P2P alternatives.

That's right, we can use VPN and still access Binance but many are hesitant in doing it because Binance might disable the account. But some of our countrymen have said that there's no problem doing that but even I, I won't do that. As for the DNS, you're right, there have been tutorials out there that were already spread about modifying it for us to still continue accessing Binance. Good thing that I have already pulled my balances there. I just missed receiving airdrops there at most times because it's effortless as long as you have stake your BNB into their launchpool/vault.

If you are using a VPN, your ISP provider won't be able to see you're using Binance, except if you make some mistakes by trying to connect the exchange before launching your VPN for example. But a simple way to solve the problem definitely is to configure DNS-over-HTTPS protocol in your browser, there won't be any risk of any leak anymore and the speed of your connection won't be affected. Philippines' citizens don't even need a VPN to circumvent those restrictions if they use this protocol.

So far only few countries were restricted by binance, even though some countries already banned binance but users from these countries still uses the exchange. The worst case is if the country it self is very strict that it will make warrants to those who still using the exchange base on the ISP logs.

The only safest way is to avoid using such platform, instead use other alternatives.

Since the decision has been made, it is a matter of time before all services implement it, and I do not think that a service provider will not comply with the ban, so it is a matter of hours before access to the site becomes blocked, and even access using a VPN will work for a period before Binance decides to implement the ban on its part based on KYC data.
The only solution is to have proof of residence outside the Philippines, and here you can contact the support team to tell them that you are outside the country and the ban does not apply to you.

The Philippines have more like 4 major ISP, 2 (Smart/PLDT and Globe) of them already blocked, I used Converge and the website is still accessible to me, but i'm not using binance so it doesn't matter to me.

They are still accessible, in fact i always use Kucoin, but surely, they will come later soon.

EDIT: Just now I tried to access Binance and it can't be reached anymore so, Converge probably join them.