Binance will be ban in the Philippines?

[crzy]

Local exchanges are just trying to ruin the reputation of Binance so they can get the local market, I don’t think BSP will in favor them because in the first place Binance has no company in the Philippines. Binance is the best, i do hope that they will not ban Binance because it helps many Filipinos already, Binance is willing to cooperate and let them come. We badly needed the best exchange, so I’m not supporting this one Binance should stay.

[1714668204]

1714668204

[1714668204]

1714668204

[Johnyz]

Local exchanges are just trying to ruin the reputation of Binance so they can get the local market, I don’t think BSP will in favor them because in the first place Binance has no company in the Philippines. Binance is the best, i do hope that they will not ban Binance because it helps many Filipinos already, Binance is willing to cooperate and let them come. We badly needed the best exchange, so I’m not supporting this one Binance should stay.

Let’s not panic and just wait for the due process. There’s no formal complaint, its just a paper telling BSP to ban Binance without any legal basis. Though its alarming about the SEC announcement, hopefully this case wont escalate and can still be settled before making any decisions. I agree that we need Binance, but let’s respect our regulatory agency, if they see irregularities then its fine but if none, better to scrap this issue right away.

[Yamifoud]

Ban or Closure of the Binance.ph is possible if they are proven guilty by SEC. I don't find a reason for an excuse but I know that Binance.ph had already known the consequences of not acquiring any papers to run a business and in fact, they are a big company as it also ruins their reputation. But, I doubted they don't take action and submitted the requirements to become legal as they are in the Philippines for more than 1 year ( correct me if I'm wrong). Maybe the approval just take so long and that was not their fault anymore.

During his recent visit to Manila, Binance CEO Changpeng Zhao told reporters that the platform has met with regulators including the BSP to secure the necessary licenses to operate in the country.

source; https://news.abs-cbn.com/business/06/16/22/binance-says-open-for-discussion-after-call-for-ban

[blockman]

That group does see something that goes against their standards but they're also known to stop good activities despite that it's not really that bad at all.
Binance's CEO has already made his travel to our country and that for sure has included the paper works that's needed to be done so that his business will have a smooth run in the country. But if SEC ever gives that decision of banning them, we can't do anything about it but to accept it.

[Oceat]

I believe some local groups are urging the BSP to ban Binance in the Philippines.  I doubt that to happen.  Binance had already submitted an application and waiting for the approval of the BSP if things go smoothly. 

It is sad to think that in order to monopolize the local industry these crab-minded people do uses their influence or make fake claims to smear the reputation of their competitors.

This is what I've been thinking since it did happen not just on that country but also in the other countries who has a corrupt leader. Monopoly exist almost everywhere and I think someone should stand up against these people since it's like they own the whole market in the country.

But anyway, if Binance could comply to the BSP's request then there's a possibility that they will still continue to be doing business in the Philippines. And I doubt it's easy to ban Binance if they are that compliant and would follow every possible rules and regulations to acquire most target in crypto.