In an interview for Channel One News PH, Paolo Ong, head of the PhiliFintech SEC Innovation department, explained: the financial regulator is terminating the authorization allowing Binance customers to withdraw their funds from the cryptocurrency platform blocked in the Philippines.
"The SEC warned in advance about the blocking of services and provided enough time to withdraw its assets to local exchanges or personal wallets. We know that despite these warnings, some users did not have time or ignored the requirements. However, the SEC no longer intends to approve any forms or methods of asset withdrawal from Binance," the official said.
The activities of Binance, which has not received a work permit in the country, violate local securities laws, Paolo Ong assured.
In March, the SEC of the Philippines demanded that the National Telecommunications Commission (NTC) block access to the Binance exchange website within five days. Despite this, the Binance website remains accessible to Filipinos for the time being.