Topic: Philippines bans Binance - page 2. (Read 357 times)

The ban suddenly came out when no one has expected it to happen this on an instant although several months ago there was the warning already.

Nope, they're not popular at all but they're unregistered so they've tasted the first wave.

The problem is Binance isn't telling a thing or two and we don't even know their stance or what actions they do. But with the access through app, I guess that they'd still be fine accepting and allowing Philippine residents to their exchange even if the ban was enforced. I wouldn't advise people that are from here to use VPN though.

AFAIK, no official statement from binance yet and local accounts plus services remains working fine as of writing.

I've seen a few screenshots of conversation with binance support but it's all canned answers lol, something along the lines of we are aware of the issue yada yada.


My guess is, negotiations weren't as smooth sailing since Philippine SEC said they will give binance 3 three months with a possibility of an extension depending on the feedback they get.

most of us look at OKx and bybit accounts as the alternative to Binance. its always the p2p that matters for the users since it's the first to look for to trade the coins for cash.

it will be good to see more alternatives actually as we are also not sure when these two are going to be hit by the regulation. if binance will be blocked, sure thing these two are not exceptional to be considered by the government.

If Binance still accepts customers from the Philippines, then people can still use it through VPN, even if the government bans the apps and websites. But Binance won't go against government rules to avoid problems. Are other exchanges still accessible there? If so, Binance may resolve the issue even if they need to pay a penalty. Because they won't leave their customers this way. I believe a lot of Binance users are from the Philippines, where Binance makes revenue. Is there any Binance reaction? I just heard the news but am still unaware of Binance's reaction. 

Perhaps we need to wait for a couple more days? because PH NTC did give five days for the ISP's to comply

According from a previous interview, they apparently have a long list

But a wait and see approach sounds like it's not gonna happen anytime soon lol. The next exchanges to be issued a warning were obscure to me as well -- OctaFX and MiTrade, or are they supposed to be popular for the locals?

With the use VPN, it's still accessible.

I don't think that they'll ban us when many of our countrymen have said that they still got their funds on them.

Yes, they're all fine except Binance. It seems more of targeting binance only but we don't know if they'll be next.

They're on the hot seat now and I think the issue is always on how compliant they are. They're not yet registered here and AFAIK, they are already doing something about it.

Just to add some note here, there's one local exchange here that has a CEO now who's a former Binance executive.

That's what we will tune out next. After hitting Binance, will our government chase the other international exchanges? We don't know but I'd agree about them being ignorant and incompetent.

That's right, the issue of Binance here in country is simple. We've got local exchanges and they're required to get a VASP license from our Central Bank.
And that's what Binance needs to get for them to be operational here and be legal. Now, the application has been closed and no new company can take it as they've closed down the application last year IIRC. And AFAIK, Binance tried to apply for that but I'm not sure if they're able to make it before the deadline but with this action, it seems that they fail.

Now, what I've heard is that there's still an option for Binance and that's to take any of those registered VASP licensed exchanges because some of them are no longer operational and our country had removed like 2-3 of those licenses from the registered. Maybe, our government or SEC will offer it to them but for at what price? That's why I believe that they're trying something to clean this mess. And I hate to admit it, corruption in our country is no longer a secret and under the tables have become normal when it's come to these processes.

So, it is more of a ban than non-compliance with legal legislation,  Binance will soon try to comply with the order or try to negotiate better working conditions with the government, and if the government does not provide better alternatives, instead of trying to “secure Filipinos’ investment funds,” it will push them to use unknown services that may It leads many people to lose their money faster.

In general, I expect it will be similar to what happened in India, where some exchanges will comply, but if there is someone from the Philippines who has more details, it would be better.

Philippines government is too lazy to file a case against Binance that’s why they are just using ISP to block the website which can be easily bypass by VPN. Also Binance still doesn’t ban PH users and I think they don’t have plan to do it until SEC will file a complaint against them or request to ban PH user.

So far we can still access Binance even on regular IP without the use of VPN. All other exchange including Binance is still accessible for us. I think only some users is affected by this minor which are those who use Globe network for internet connection. Our SEC is not that scary compared to US Sev or EU regulator.

What a ban joke here in PH. 

Even before the US imposed a huge fine for both CZ and Binance, Binance's situation in the Philippines has already been shaky, as it was in many countries all over the world. It has been investigated before. Binance has already been called out for operating illegally.

This isn't about the US fining Binance. This is about the Philippine authorities being incompetent and ignorant. To a certain extent, Binance is suffering because it is popular. It is illegally operating, yes, but so are the dozens of other centralized exchanges. If Binance users would transfer to another centralized exchange, say, Bybit or KuCoin, can they do that? Yes, because these exchanges are still accessible to Filipino citizens even though they're all operating on an equal footing with Binance.


If I'm not mistaken, it is still accessible via VPN. As mentioned, Binance app also remains accessible. But it might just be a matter of time before Binance responds to the government's actions and avoid serving residents of the Philippines.

It seems that binance is having more issues with different countries after CZ resigned as the CEO. Actually, CZ created many problems for the exchange he founded and now is the repercussion time. Is Binance still gonna be in existence in few years time? In my country, the government has detained some Binance executives. Removed Naira trading spot and deposit and withdrawal to with naira.

What happens when you try to visit the exchange using a VPN service? Have they (Binance) also banned users from the Philippines yet? There's another country the Binance banned from using their platform. If I recall well, it's Nigeria. Apparently, the arrested two of their executives. Imagine!  

How about other platforms like Kucoins, coinbase, Bybit. Are they still accessible?

Yes, our country has banned the access to Binance and this was raised since last year of November by SEC. But after the deadline given for 3 months, they didn't banned it immediately but just a day or two ago they did pushed for the ban. Most of the ISPs that we've got have totally banned to doing a visit to Binance's website and there's this message when I've first tried accessing it yesterday that I might be reported to the authorities. But upon paying a visit today, it's just a total domain error. I guess that our government just want a chunk out of the fine they've made with the US SEC as our government tries to acquire as much taxes that they can for the funding of a newly proposed government investing program.

The SEC Has Officially Banned Crypto Giant Binance in the Philippines


PS: The Binance app is still accessible for some locals.