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Philippines SEC Offers No Aid for Recovering Funds Post-Binance Block

SEC struggles with advice on fund retrieval for Binance users after exchange block.

The Philippines' SEC admits it cannot provide guidance for Binance users to retrieve funds after enforcing a ban, leaving investors seeking alternative solutions.

SEC Extends Deadline for Binance Users to Withdraw Funds Before Ban Takes Effect

SEC official Paolo Ong stated that they have already given users three months and have extended it slightly to allow them to withdraw funds from the exchange.

According to a local news report, Paolo Ong, the officer in charge of the SEC's PhiliFintech Innovation Office, stated that the SEC could not endorse ways to retrieve funds after Binance was blocked by the country's internet service providers (ISPs).

Ong stated that the regulator has already issued a three-month warning and extended the time before the ban is implemented to allow investors to withdraw their funds from the exchange.

The official hoped that investors would have transferred their funds to a local exchange or their wallets by the deadline.

When asked about the fate of users who could not withdraw their funds on time, Ong stated that they had no suggestions for how users could reclaim their money. He said:

“Unfortunately, we can’t endorse any method on how to take out their money now that the blocking order is out.“

Philippines Struggles to Enforce Binance Ban Amidst Regulatory Challenges

On March 25, the National Telecommunications Commission (NTC) directed all internet service providers (ISPs) in the country to immediately block access to Binance. The NTC allowed local ISPs five days to complete the order.

When asked why the exchange is still accessible in the country despite the notice, Ong stated that they are still working to implement the ban fully.

Cointelegraph discovered that the Binance website was still accessible in the country at publication.

Former Binance CEO Changpeng Zhao stated at a press briefing in Manila on June 8, 2022, that the exchange sought licenses in the country.

However, Ong stated that the SEC had received no applications from the exchange to register in the country formally. Ong said:

"As far as the SEC is concerned, there is no official or formal application to register here in the Philippines."

The official also stated in the interview that the SEC had warned the public several times before issuing a ban. In 2022, the SEC issued a notice warning the public against investing in Binance. The regulator stated that the exchange has no authority or license to solicit investments in the country.

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