We've already got a warning since November 2023 and expected the block sometime around last February or this March (for that 3 month period to get out). It's finally happening and that sucks. Securities and Exchange Commission (SEC) finally called it and wants the National Telecommunications Commission (NTC) to enforce the notice.
The Bangko Sentral (BSP) has been revoking some of VASP licenses on some exchanges. This overall limits the options for Filipinos to access the crypto market.
My own personal experience with existing local crypto exchanges is that it's not really profitable for trading, the spread is high, low liquidity, frequent maintenance gets done and KYC being a staple requirement. A lot of Filipinos here rely on Binance to take their money out.
Binance, however, has not secured from the SEC a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities, as required by Republic Act No. 8799, or The Securities Regulation Code (SRC).
Well, we just have to get used to not having nice things now. I guess it's just DEXs, Hive Engine or Peer to Peer from now on.
Thanks for your time.
Seems all the countries are removing Binance now...
Quite lovely 🙁
Clamping down here too but some of the smaller exchanges are fighting back by jumping through the government's hoops. Not sure for how long though.
Do you use coins.co.ph as an off/on ramp? Poor for trading but a solid and principled company in my opinion.
Not at the moment, the local choices here are still at the beginning to transitioning stages where they are catching up to what the rest of the exchanges have been doing. Binance is a heavy competitor because of liquidity, lower spreads and ease of access to lucrative projects/airdrops. Local exchange here take months to list tokens here and constantly update their terms and conditions which makes it unreliable to park large amounts of money.
If I were to deposit my BTC in one of these exchanges, and supposed BTC pumps that when I convert it to fiat that it exceeds the cashing in threshold set for regular accounts, I have to explain where I got my BTC and let's say I spent a load of years shitposting on Hive, it's just going to lead from one question after the other and I'll get my account closed. Not really optimistic about local exchanges as keepers of my tokens.
Understood. Here in Thailand, they barely worry about amounts. You get 400k baht just for adding a bank account which rises to 2m baht a day for providing legal proof of address. We do however only have 9 coins we're legally allowed to use and list and three of those are stable coins. Binance are officially illegal but openly trade here without too much hassle.
It's like a noose being slowly tightened.
Stay well :-)
Looks like it's not that different from the terms offered here. Except some measures like accounts having transactions with Binance wallets might get flagged and there's less opportunities to appeal once the bans start. It's just hearsay for now but I wouldn't be surprised given how strict the KYC is.
So, it's finally happening 😐😐, pano paaaa 🤧
RIP @japex1226 @demotry
Binance is bye bye.
Gcash na tayo lahat! Muahahaah
iyak nalang bro umaaay😞
Ban Binance pero pwede Gcash.
Lakas ng mga lobiyist ni Globe
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I have classmates who talk about crypto and such, but my mushy head cannot wrap all the topic out (and I'd be totes weird to the boys if I suddenly ask about it). So, how does it work? How is it affecting so much to us here on HIVE? Actually, I have a lot of questions, but IDK which ones to ask, so please enlighten me.
I'll try to keep this short. Exchanges are used in the financial sector to convert currencies from one type to another this way when we travel around the world we can exchange our native currency for the local currency, and back again. Since Crypto currency works similar to the way normal currency works we have to have exchanges to convert one coin to another, and more importantly from Crypto to your local currency.
Binance was one of the few exchanges that directly worked with Hive so now people in the Philippines will have to jump through more hoops to get their Hive out of the network and into their pockets.
Hmm
I wonder if something is fishy about Binance because it is not possible to be picky on just them alone