I am quite affected by this issue where Philippine users might block Binance because Binance is actually not registered in the Philippines with its securities offering, as a licensed corporation, and is not authorized to offer or sell securities in the Philippines.
Read more about it: Here
Now it instructed the pertinent government authorities tp block Binance from being accessed in the Philippines maybe within 3 months if Binance would not comply with the reles and regulations of the PH SEC. In my personal theory, if Binance would care to comply with the PH SEC, then all all Filipinos might continue to access Binance but with a limited use but it will be based on how much Binance will make its website legal to be used in the Philippines.
Among the services offered by Binance are I quote,
"BINANCE claims to operate a facility to trade financial instruments and offers investment products, including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offerings."
This is very annoying for me because I already have a plan for one of my crypto holding where I would sell it in Binance for USDT and buying the dip and doing it a few times over while BTC is in full Bull run so that I can of course gain more locked-up value plus some more of that particular coin when we are in relatively bear market a couple of years after and I intend to use Binance for that matter.
The actual issue is that not much exchanges have to crypto that I currently actively earn and hold. In some exchanges that supports that particular crypto, the volume is not as high as like from Binance. However, maybe I can just accept to as it is to at least make my plan work. Another issue now is that this other exchange that I am planning to use is also like Binance, not compliant to PH SEC but currently at least it is not banned yet or is it like Binance? I think most of them are while the others doesn't my particular token that I was planning to trade. Be that as it may I am still hoping that Binance will iron this up or I will have a hard time doing what I planned to do.
Re🤬eD
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Thank you @frankbacon for all your brotherly love and kindness I appreciate it all as always. 😀👍
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If you have assets there, I would start pulling them out to somewhere else... IMO...
The SEC is extremely dangerous and can paralyse any company within minutes...
Yeah I took my digital assets from Binance and find more exchanges where I can trade some of my coins.
The government loves ruining a good time.
"Stay poor, peasant" - The Government.
Yes indeed @esecholo but I heard that it will also not easy to block the PH users and I am just hoping that it will not be the case because otherwise I will face some hardships with trading my major crypto holdings.
I hope binance will iron this out and continue to operate.🙏
Many of our compatriots will get affected but we can only hope that it will be soon a non-issue and Binace will comply and get it straightened-out with PH SEC.
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I hope your dreams come true. We pray that you move forward in online platforms and binance. Hope you are well, stay healthy and please take care of all the family.