Philippines SEC begins Binance ban countdown

The Philippine Securities and Exchange Commission head Kelvin Lee clarified in a panel on Dec. 13 that the ban on Binance would come into effect three months after the advisory was issued.

According to a report from local news BitPinas, Lee said there has been a lot of confusion on the internet about the ban after regulators issued an advisory to the cryptocurrency exchange for operating without a license on Nov. 28.

He was asked to clarify the matter and that the ban was “supposed to be three months from the issuance date,” which he said was given on Nov. 29.

“Depending on how feedback is, we can actually extend that, but currently we should feel lucky with the three months.”


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