Binance to be banned in Philippines.

[Stompix]

Decentralized exchanges are the best solution in these cases for most users.

But decentralized exchanges are just gateways to other cryptos.
When you try to go for fiat as most users want they can prove to be a honeypot, even with a dex like bisq, the authorities need to catch one trader by doing a trade with him, then they know his bank details and then the bank will give them all the payments he has made and all the name of the ones he has dealt with.
And if we talk day trading, then dex are no solution, the volume, the liquidity, and the speed are still on CEX

For more information, visit: List of Prohibited Countries.

Hihi, so that's the list Binance is banned, there should be a longer list where Binance has no license and has been threatened with lawsuits but still operates waiting for the inevitable.

[Aanuoluwatofunmi]

Some of these countries are not taking it likely on exchange and Binance to be precise because they are making money from the users and the countries are not having any benefits from the exchange, soo they would have prefer either regulating these exchanges and be taxing them or rather place ban on every of their operations for them to take over the service in which these exchanges renders and introduce a new exchange platform to the people in which they will be regulating.

[Crwth]

I'm still curious as to why they cannot operate. Is there something that we are not aware of? Is it possible corruption? I know that there are stories in which people are having a hard time setting up businesses because they want something in return like they owe them or something.

VASP should be quite easy if they are already registered in other countries since they have references already or something.

[Stompix]

I'm still curious as to why they cannot operate. Is there something that we are not aware of? Is it possible corruption?

No license!
Same as Canada, same as the Netherlands, same as losing licenses in Australia and Uk.
Pretty simple:

In November, the Philippines SEC warned the public against using Binance because it was an unlicenced investment platform.

Regulators criticised the exchange for relying on a legion of “salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers” to promote Binance. According to the SEC, Binance defines itself as a facility for trading 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.
The SEC, however, said Binance has not secured from the commission a license to solicit investments from the public, or to create or operate an exchange for the buying and selling of securities as required by the Securities Regulation Code.

You're advertising offering services in a jurisdiction you have no license and you have not asked for a license to operate!
Remember how CZ fled Singapore>Japan>Malta in a year always claiming it has a license and #safu and in reality not having one, why are the other exchanges not blocked? Because they played by the rules!

You can't scream all day wanting regulations, make it legal, make coins legal tender, and then when it comes to the same laws say you don't want to follow the law.

[1020kingz]

Binance has stopped its service in many countries in recent times, and i am sure the list is going to get longer, i am sure regulation is the reason, binance didn't have a license to operate in some of these countries, and when they were required to get their license, they backed down due to the regulatory demands i think.

However, if Binance is banned in your location, there must be other alternatives or you simply better switch to p2p exchanges if you can.

There are more other exchanges other than binance that we can trade crypto. I don't think goverment of Ph can stop people from "investing" in crypto. Yes, it is due to regulations. Many corrupt people in the SEC seek money from these exchanges to have them legally operate in this country(PH). So sad, binance is very user friendly regarding trading crypto currencies in our country. Hope to see some good news in the future.

[Crwth]

You're advertising offering services in a jurisdiction you have no license and you have not asked for a license to operate!
Remember how CZ fled Singapore>Japan>Malta in a year always claiming it has a license and #safu and in reality not having one, why are the other exchanges not blocked? Because they played by the rules!

I understand. That's just something that they failed to accomplish. It's weird not trying to get licensed before offering. That should be a number thing already. Thank you for the information.

[Freemind]

But decentralized exchanges are just gateways to other cryptos.
When you try to go for fiat as most users want they can prove to be a honeypot, even with a dex like bisq, the authorities need to catch one trader by doing a trade with him, then they know his bank details and then the bank will give them all the payments he has made and all the name of the ones he has dealt with.
And if we talk day trading, then dex are no solution, the volume, the liquidity, and the speed are still on CEX

Hihi, so that's the list Binance is banned, there should be a longer list where Binance has no license and has been threatened with lawsuits but still operates waiting for the inevitable.

It all depends on the needs of each user and the country where they pay taxes, at least in part. In several European countries it is possible to sell crypto and obtain fiat without the need to do it through bank accounts, there are stores specializing in that, but I can't tell you what it's like outside of Europe, as I've never had a chance to try it. On the other hand, I do know people who have sold their cryptocurrencies by hand in other countries outside of Europe, an alternative to consider.

I'm guessing the list of countries where Binance is not licensed is bigger, but after the news we're seeing about banned exchanges, there's a good chance that Binance will keep losing licenses.

[electronicash]

i don't think other exchanges like bybit or okx have a license in PH as well.  the SEC in Philippines just do what other countries do. OKX banned in India, sooner Philippines will also do the same thing like its a chain of command from someone.

they just target Binance the first because they know Binance paid US $4B and maybe the SEC in Philippines also hoping to ask fine from the exchange. this is a country no so different from Nigeria who might as well put a representative in house arrest.

[I-Bit]

In my country, the ban is not effective since the government only uses IP filtering to block Binance domains, and people can easily bypass it with a VPN or using a different DNS. Does Phillippines do the same thing or is there a stricter method such as blocking people's access to banks if they made transactions on Binance after the ban is active? Unsurprisingly, I've seen many posts from their users in affected areas that they should get a license so they don't lose access to Binance. I wonder if it is simply because there are no good local alternatives or there are other reasons.

True. In Indonesia, the ban is totally ineffective. We can use VP to access Binance, we also still register in Binance with our ID. If we want to convert our assets to fiats, we can send the assets to our local exchanges. So, there is no problem although our government bans Binance. 

I think this also can happen in Philippines. As long as there are some local exchanges there, they can use the same way. Unless, there is no local CEX there, it can be a serious problem.

[Stompix]

It all depends on the needs of each user and the country where they pay taxes, at least in part. In several European countries it is possible to sell crypto and obtain fiat without the need to do it through bank accounts, there are stores specializing in that, but I can't tell you what it's like outside of Europe, as I've never had a chance to try it. On the other hand, I do know people who have sold their cryptocurrencies by hand in other countries outside of Europe, an alternative to consider.

But they all have drawbacks!
Small sums are not worth it, large sums are risky, and the fees and the peace of mind are not really there.
If you face a 3-5% fee on the total for a p2p/atm/dex and a 10% tax on gains wouldn't you choose the second option?

Yeah, going to a country on vacation and taking the opportunity to exchange undetected a few thousand it's a simple thing, but trying to get back in the Schengen area with 50k of cash is simply a no! Same as wanting to exchange 400 euros of BTC that is worth less than the plane ticket!
People use CEX despite all the drawbacks because of convenience and there is;t really anything coming even close to them.

[bitterguy28]

i don't think other exchanges like bybit or okx have a license in PH as well.  the SEC in Philippines just do what other countries do. OKX banned in India, sooner Philippines will also do the same thing like its a chain of command from someone.

they just target Binance the first because they know Binance paid US $4B and maybe the SEC in Philippines also hoping to ask fine from the exchange. this is a country no so different from Nigeria who might as well put a representative in house arrest.

it will always connect to that matter about Binance spends millions/billions of dollars  for United States SEC so other countries/government wishes they will also get partly from Binance income and so they wanted to have regulations like SEC have done.
and indeed that OKX and Bybit will be the next target as they are one of the biggest exchange that operating inside the Philippines.

[KingsDen]

I dont think ban of any exchanges will stop people to buy, sell and trade bitcoin and other cryptocurrencies.
This can only be more popular in countries with problems with big inflation and bad local currencies.

This is true. I use Nigeria for instance. When Binance P2P was allowed by the government, naira was very much unstable and the economy was bad as orchestrated by inflation. But now naira spot has been deactivated, atleast the naira is becoming stable but yet the inflation is still going high. This thought me that there are many causes of inflation and not only weak currency.
Are Philippines still able to get Binance with VPN?

[Sim_card]

I'm still curious as to why they cannot operate. Is there something that we are not aware of? Is it possible corruption? I know that there are stories in which people are having a hard time setting up businesses because they want something in return like they owe them or something.

Binance have being exploiting from country to country without registering with the countries, for them to have license and permit for operation. Some government are just finding out how Binance have being operating illegally in the country, and I don't think that Binance is ready to dance to their tunes. For that reason, the government would tell them to shutdown their operation in that country. It happened to my country too. However, there are other exchanges that are ready to abide to the government regulation policy, those exchanges are working perfectly.

[bhadz]

They are now banning the app and everyone who's got the OTP through SMS won't be able to take the OTP sent through messages. Because of the request of SEC for BInance to get banned then those that are still accessing it through app won't be able to make it.
I've seen a guy that has been problematic with his OTP when he's trying to withdraw his funds from the binance app since the browser/website is not accessible already due to the ban.

[yhiaali3]

Binance have being exploiting from country to country without registering with the countries, for them to have license and permit for operation. Some government are just finding out how Binance have being operating illegally in the country, and I don't think that Binance is ready to dance to their tunes. For that reason, the government would tell them to shutdown their operation in that country. It happened to my country too. However, there are other exchanges that are ready to abide to the government regulation policy, those exchanges are working perfectly.

In fact, Binance does not operate illegally at all times, and I do not think that this is Binance’s problem with governments, but the main problem is that Binance has grown larger than what is permitted, so it has come under the eyes of governments, especially the United States.

Therefore, Binance will be viewed with suspicion in any country it enters. Some governments fear problems with the United States, so they are pursuing Binance even if it has not committed any legal violations. On the other hand, this growth has made Binance a fat bull for the hunting of some governments, which have begun to put pressure on Binance.