Philippines bans Binance

[bhadz]

Yes, our country has banned the access to Binance and this was raised since last year of November by SEC. But after the deadline given for 3 months, they didn't banned it immediately but just a day or two ago they did pushed for the ban. Most of the ISPs that we've got have totally banned to doing a visit to Binance's website and there's this message when I've first tried accessing it yesterday that I might be reported to the authorities. But upon paying a visit today, it's just a total domain error. I guess that our government just want a chunk out of the fine they've made with the US SEC as our government tries to acquire as much taxes that they can for the funding of a newly proposed government investing program.

The SEC Has Officially Banned Crypto Giant Binance in the Philippines

Writing to the NTC, SEC chair Emilio B. Aquino said, “The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.” The SEC in early March had also requested for NTC’s help in blocking access to other unregistered investment platforms such as OctaFX and MiTrade.

PS: The Binance app is still accessible for some locals.

[Bitcoin_Arena]

What happens when you try to visit the exchange using a VPN service? Have they (Binance) also banned users from the Philippines yet? There's another country the Binance banned from using their platform. If I recall well, it's Nigeria. Apparently, the arrested two of their executives. Imagine!  

How about other platforms like Kucoins, coinbase, Bybit. Are they still accessible?

[KingsDen]

It seems that binance is having more issues with different countries after CZ resigned as the CEO. Actually, CZ created many problems for the exchange he founded and now is the repercussion time. Is Binance still gonna be in existence in few years time? In my country, the government has detained some Binance executives. Removed Naira trading spot and deposit and withdrawal to with naira.

[Darker45]

I guess that our government just want a chunk out of the fine they've made with the US SEC as our government tries to acquire as much taxes that they can for the funding of a newly proposed government investing program.

Even before the US imposed a huge fine for both CZ and Binance, Binance's situation in the Philippines has already been shaky, as it was in many countries all over the world. It has been investigated before. Binance has already been called out for operating illegally.

This isn't about the US fining Binance. This is about the Philippine authorities being incompetent and ignorant. To a certain extent, Binance is suffering because it is popular. It is illegally operating, yes, but so are the dozens of other centralized exchanges. If Binance users would transfer to another centralized exchange, say, Bybit or KuCoin, can they do that? Yes, because these exchanges are still accessible to Filipino citizens even though they're all operating on an equal footing with Binance.

What happens when you try to visit the exchange using a VPN service? Have they (Binance) also banned users from the Philippines yet? There's another country the Binance banned from using their platform.

If I'm not mistaken, it is still accessible via VPN. As mentioned, Binance app also remains accessible. But it might just be a matter of time before Binance responds to the government's actions and avoid serving residents of the Philippines.

[Eternad]

What happens when you try to visit the exchange using a VPN service? Have they (Binance) also banned users from the Philippines yet? There's another country the Binance banned from using their platform. If I recall well, it's Nigeria. Apparently, the arrested two of their executives. Imagine!  

How about other platforms like Kucoins, coinbase, Bybit. Are they still accessible?

Philippines government is too lazy to file a case against Binance that’s why they are just using ISP to block the website which can be easily bypass by VPN. Also Binance still doesn’t ban PH users and I think they don’t have plan to do it until SEC will file a complaint against them or request to ban PH user.

So far we can still access Binance even on regular IP without the use of VPN. All other exchange including Binance is still accessible for us. I think only some users is affected by this minor which are those who use Globe network for internet connection. Our SEC is not that scary compared to US Sev or EU regulator.

What a ban joke here in PH. 

[hugeblack]

So, it is more of a ban than non-compliance with legal legislation,  Binance will soon try to comply with the order or try to negotiate better working conditions with the government, and if the government does not provide better alternatives, instead of trying to “secure Filipinos’ investment funds,” it will push them to use unknown services that may It leads many people to lose their money faster.

In general, I expect it will be similar to what happened in India, where some exchanges will comply, but if there is someone from the Philippines who has more details, it would be better.

[bhadz]

What happens when you try to visit the exchange using a VPN service?

With the use VPN, it's still accessible.

Have they (Binance) also banned users from the Philippines yet? There's another country the Binance banned from using their platform. If I recall well, it's Nigeria. Apparently, the arrested two of their executives. Imagine!  

I don't think that they'll ban us when many of our countrymen have said that they still got their funds on them.

How about other platforms like Kucoins, coinbase, Bybit. Are they still accessible?

Yes, they're all fine except Binance. It seems more of targeting binance only but we don't know if they'll be next.

It seems that binance is having more issues with different countries after CZ resigned as the CEO. Actually, CZ created many problems for the exchange he founded and now is the repercussion time. Is Binance still gonna be in existence in few years time? In my country, the government has detained some Binance executives. Removed Naira trading spot and deposit and withdrawal to with naira.

They're on the hot seat now and I think the issue is always on how compliant they are. They're not yet registered here and AFAIK, they are already doing something about it.

Just to add some note here, there's one local exchange here that has a CEO now who's a former Binance executive.

I guess that our government just want a chunk out of the fine they've made with the US SEC as our government tries to acquire as much taxes that they can for the funding of a newly proposed government investing program.

Even before the US imposed a huge fine for both CZ and Binance, Binance's situation in the Philippines has already been shaky, as it was in many countries all over the world. It has been investigated before. Binance has already been called out for operating illegally.

This isn't about the US fining Binance. This is about the Philippine authorities being incompetent and ignorant. To a certain extent, Binance is suffering because it is popular. It is illegally operating, yes, but so are the dozens of other centralized exchanges. If Binance users would transfer to another centralized exchange, say, Bybit or KuCoin, can they do that? Yes, because these exchanges are still accessible to Filipino citizens even though they're all operating on an equal footing with Binance.

That's what we will tune out next. After hitting Binance, will our government chase the other international exchanges? We don't know but I'd agree about them being ignorant and incompetent.

So, it is more of a ban than non-compliance with legal legislation,  Binance will soon try to comply with the order or try to negotiate better working conditions with the government, and if the government does not provide better alternatives, instead of trying to “secure Filipinos’ investment funds,” it will push them to use unknown services that may It leads many people to lose their money faster.

In general, I expect it will be similar to what happened in India, where some exchanges will comply, but if there is someone from the Philippines who has more details, it would be better.

That's right, the issue of Binance here in country is simple. We've got local exchanges and they're required to get a VASP license from our Central Bank.
And that's what Binance needs to get for them to be operational here and be legal. Now, the application has been closed and no new company can take it as they've closed down the application last year IIRC. And AFAIK, Binance tried to apply for that but I'm not sure if they're able to make it before the deadline but with this action, it seems that they fail.

Now, what I've heard is that there's still an option for Binance and that's to take any of those registered VASP licensed exchanges because some of them are no longer operational and our country had removed like 2-3 of those licenses from the registered. Maybe, our government or SEC will offer it to them but for at what price? That's why I believe that they're trying something to clean this mess. And I hate to admit it, corruption in our country is no longer a secret and under the tables have become normal when it's come to these processes.

[Potato Chips]

So far we can still access Binance even on regular IP without the use of VPN.

Perhaps we need to wait for a couple more days? because PH NTC did give five days for the ISP's to comply

Update #2: The NTC is giving the Internet service providers (ISPs) no later than 5 days to block access to

But then again, a domain level ban is pretty easy to bypass.

That's what we will tune out next. After hitting Binance, will our government chase the other international exchanges? We don't know but I'd agree about them being ignorant and incompetent.

According from a previous interview, they apparently have a long list

For the other unregistered exchanges, the SEC said it still has a long list that will come out targeting them, but also doing a “wait-and-see” approach if they will register.

But a wait and see approach sounds like it's not gonna happen anytime soon lol. The next exchanges to be issued a warning were obscure to me as well -- OctaFX and MiTrade, or are they supposed to be popular for the locals?

[The Cryptovator]

If Binance still accepts customers from the Philippines, then people can still use it through VPN, even if the government bans the apps and websites. But Binance won't go against government rules to avoid problems. Are other exchanges still accessible there? If so, Binance may resolve the issue even if they need to pay a penalty. Because they won't leave their customers this way. I believe a lot of Binance users are from the Philippines, where Binance makes revenue. Is there any Binance reaction? I just heard the news but am still unaware of Binance's reaction. 

[electronicash]

If Binance still accepts customers from the Philippines, then people can still use it through VPN, even if the government bans the apps and websites. But Binance won't go against government rules to avoid problems. Are other exchanges still accessible there? If so, Binance may resolve the issue even if they need to pay a penalty. Because they won't leave their customers this way. I believe a lot of Binance users are from the Philippines, where Binance makes revenue. Is there any Binance reaction? I just heard the news but am still unaware of Binance's reaction. 

most of us look at OKx and bybit accounts as the alternative to Binance. its always the p2p that matters for the users since it's the first to look for to trade the coins for cash.

it will be good to see more alternatives actually as we are also not sure when these two are going to be hit by the regulation. if binance will be blocked, sure thing these two are not exceptional to be considered by the government.

[Potato Chips]

Is there any Binance reaction? I just heard the news but am still unaware of Binance's reaction. 

AFAIK, no official statement from binance yet and local accounts plus services remains working fine as of writing.

I've seen a few screenshots of conversation with binance support but it's all canned answers lol, something along the lines of we are aware of the issue yada yada.

Are other exchanges still accessible there? If so, Binance may resolve the issue even if they need to pay a penalty. Because they won't leave their customers this way.

My guess is, negotiations weren't as smooth sailing since Philippine SEC said they will give binance 3 three months with a possibility of an extension depending on the feedback they get.

[bhadz]

That's what we will tune out next. After hitting Binance, will our government chase the other international exchanges? We don't know but I'd agree about them being ignorant and incompetent.

According from a previous interview, they apparently have a long list

For the other unregistered exchanges, the SEC said it still has a long list that will come out targeting them, but also doing a “wait-and-see” approach if they will register.

But a wait and see approach sounds like it's not gonna happen anytime soon lol.

The ban suddenly came out when no one has expected it to happen this on an instant although several months ago there was the warning already.

The next exchanges to be issued a warning were obscure to me as well -- OctaFX and MiTrade, or are they supposed to be popular for the locals?

Nope, they're not popular at all but they're unregistered so they've tasted the first wave.

If Binance still accepts customers from the Philippines, then people can still use it through VPN, even if the government bans the apps and websites. But Binance won't go against government rules to avoid problems. Are other exchanges still accessible there? If so, Binance may resolve the issue even if they need to pay a penalty. Because they won't leave their customers this way. I believe a lot of Binance users are from the Philippines, where Binance makes revenue. Is there any Binance reaction? I just heard the news but am still unaware of Binance's reaction.

The problem is Binance isn't telling a thing or two and we don't even know their stance or what actions they do. But with the access through app, I guess that they'd still be fine accepting and allowing Philippine residents to their exchange even if the ban was enforced. I wouldn't advise people that are from here to use VPN though.

[PX-Z]

The Philippines have more like 4 major ISP, 2 (Smart/PLDT and Globe) of them already blocked, I used Converge and the website is still accessible to me, but i'm not using binance so it doesn't matter to me.

How about other platforms like Kucoins, coinbase, Bybit. Are they still accessible?

They are still accessible, in fact i always use Kucoin, but surely, they will come later soon.

EDIT: Just now I tried to access Binance and it can't be reached anymore so, Converge probably join them.

[hugeblack]

EDIT: Just now I tried to access Binance and it can't be reached anymore so, Converge probably join them.

Since the decision has been made, it is a matter of time before all services implement it, and I do not think that a service provider will not comply with the ban, so it is a matter of hours before access to the site becomes blocked, and even access using a VPN will work for a period before Binance decides to implement the ban on its part based on KYC data.
The only solution is to have proof of residence outside the Philippines, and here you can contact the support team to tell them that you are outside the country and the ban does not apply to you.

[PX-Z]

...and even access using a VPN will work for a period before Binance decides to implement the ban on its part based on KYC data.

So far only few countries were restricted by binance, even though some countries already banned binance but users from these countries still uses the exchange. The worst case is if the country it self is very strict that it will make warrants to those who still using the exchange base on the ISP logs.

The only safest way is to avoid using such platform, instead use other alternatives.

[Saint-loup]

So far only few countries were restricted by binance, even though some countries already banned binance but users from these countries still uses the exchange. The worst case is if the country it self is very strict that it will make warrants to those who still using the exchange base on the ISP logs.

The only safest way is to avoid using such platform, instead use other alternatives.

If you are using a VPN, your ISP provider won't be able to see you're using Binance, except if you make some mistakes by trying to connect the exchange before launching your VPN for example. But a simple way to solve the problem definitely is to configure DNS-over-HTTPS protocol in your browser, there won't be any risk of any leak anymore and the speed of your connection won't be affected. Philippines' citizens don't even need a VPN to circumvent those restrictions if they use this protocol.

[bhadz]

If you are using a VPN, your ISP provider won't be able to see you're using Binance, except if you make some mistakes by trying to connect the exchange before launching your VPN for example. But a simple way to solve the problem definitely is to configure DNS-over-HTTPS protocol in your browser, there won't be any risk of any leak anymore and the speed of your connection won't be affected. Philippines' citizens don't even need a VPN to circumvent those restrictions if they use this protocol.

That's right, we can use VPN and still access Binance but many are hesitant in doing it because Binance might disable the account. But some of our countrymen have said that there's no problem doing that but even I, I won't do that. As for the DNS, you're right, there have been tutorials out there that were already spread about modifying it for us to still continue accessing Binance. Good thing that I have already pulled my balances there. I just missed receiving airdrops there at most times because it's effortless as long as you have stake your BNB into their launchpool/vault.

[Darker45]

The only safest way is to avoid using such platform, instead use other alternatives.

Exactly. Some users that I know are still using Binance until now despite it being banned and blocked. Of course, there are ways to circumvent the implementation, but I don't think it is worth the risk. After all, there are abundant alternatives available to them. Why would they insist on a platform that's banned? KuCoin and Bybit, for example, are also growing in popularity within the country. They're centralized and requiring KYC as well, but that was the same with Binance.

Plus, of course, there are also better P2P alternatives.

[YOSHIE]

PS: The Binance app is still accessible for some locals.

Asia, Europe, the average cases faced by Binance are almost the same, taxes and regulations, money laundering and so on in these regions, Binance CEO Changpeng Zhao should think and act professionally in handling every problem that occurs with Binance, considering that Binance has now received a positive view from its users, is this the end of the exchange in the eyes of the public.

The same problem never stops with the local government banning/closing Binance, currently in the Philippines, tomorrow or the day after tomorrow, which other country will publish a ban on Binance, actually things like this are already saturated in seeing negative news about Binance, I just hope this is the last news we see and hope that in the future all parties involved have a positive solution to the exchanges operating in their respective countries.

[bhadz]

PS: The Binance app is still accessible for some locals.

Asia, Europe, the average cases faced by Binance are almost the same, taxes and regulations, money laundering and so on in these regions, Binance CEO Changpeng Zhao should think and act professionally in handling every problem that occurs with Binance, considering that Binance has now received a positive view from its users, is this the end of the exchange in the eyes of the public.

But the thing now is, he's no longer part of Binance and he's not a CEO anymore. The new CEO is Richard Teng.

The same problem never stops with the local government banning/closing Binance, currently in the Philippines, tomorrow or the day after tomorrow, which other country will publish a ban on Binance, actually things like this are already saturated in seeing negative news about Binance, I just hope this is the last news we see and hope that in the future all parties involved have a positive solution to the exchanges operating in their respective countries.

As much as we're putting hope that this is the last negative news that we'd see. But every bull run we see dozens of these news from region to region with what the local government sees a need for them to address this to the exchange having some benefits with their citizens and not giving back or comply to their regulations for such licenses, taxes, etc.