The Filipino Government Is Cracking Down on Unlicensed Crypto Websites

Crypto company websites that do not obtain all the required licenses are being blocked by the Philippines National Telecommunications Commission (NTC).

That makes it even harder for cryptocurrency to keep its foothold in the Philippines. Extensive licensing requirements need to be met in order to adhere to the strict regulations in the Southeast Asian multi-island nation.

Any investment products being sold by cryptocurrency companies, including tokens, will not be allowed under these regulations, unless the necessary licenses are obtained. Several crypto firms have had their websites blocked in the Philippines, including OctaFX and MiTrade.

Some of the unlicensed crypto websites were still accessible in the Philippines outside of the primary Internet providers. Major Internet services in the country have all been issued an order from the NTC demanding that they block websites and applications for specific cryptocurrency websites. The order states that these websites have violated local regulations, and the order will be enforced by the Securities and Exchange Commission (SEC) for the Philippines.

The SEC issued a request to the NTC that it block crypto platforms that have been operating illegally and unlicensed within the Philippines. This action is designed to prevent investment scams throughout the nation and protect citizens.

Binance in the Philippines

Binance is still accessible in the Philippines following threats of a ban on the exchange platform. The ban was to have gone into effect on February 29th, but the embattled Binance platform, fighting a lawsuit from the US government, can still be accessed on major internet providers in the Philippines. It is possible that Binance will be allowed to continue to operate until the government can assess what damage might be caused to private citizens’ finances should the platform be locked off.

Binance has had to pay $4.3 billion in fines to the US government for illegal trading and may have to pay more once the current lawsuit is finished. The platform is also being ordered to pay $10 billion to the Nigerian government but has refused to pay that.