Binance to be banned in Philippines.

[bitterguy28]

So here  comes the date that Binance will be banned in Philippines anytime very soon because the 90 days time given are near to be ended from November .

so for anyone here from Philippines be aware of this coming.

[paid2]

I was not aware!

Indeed, I've quickly checked on Google and found this from the 11th of February:

Philippines SEC Begins Binance Ban CountdownThe Philippine Securities and Exchange Commission head Kelvin Lee clarified in a panel on Dec. 13 that the ban on Binance would come into effect three months after the advisory was issued.
According to a report from local news BitPinas, Lee said there has been a lot of confusion on the internet about the ban after regulators issued an advisory to the cryptocurrency exchange for operating without a license on Nov. 28.
He was asked to clarify the matter and that the ban was “supposed to be three months from the issuance date,” which he said was given on Nov. 29.
 “Depending on how feedback is, we can actually extend that, but currently we should feel lucky with the three months.”
He said the original recommendation was one month, even a “one-week transition period,” but he decided on more time due to the Christmas holiday. “Not to make it hard for Filipino investors during that time,” he said.
In addition to Binance, Lee said that OctaFX and MiTrade, two other exchanges recently issued advisories for unregistered operations, also face bans after three months.
The local SEC said it has a 'sizable' list of unregistered exchanges that will gradually emerge. However, they are also attempting a “wait-and-see” approach on whether or not the exchanges will register after seeing the action taken against Binance.
Related: Philippines to sell $179M in tokenized treasury bonds for the first time
The report said that Lee received criticism in regards to the Binance ban because it is “cheaper” than other registered exchanges.
“Of course, they are cheaper because they never bothered to register in the Philippines and bothered to comply,” he said. “Unlike the registered entities, there is of course compliance costs.”
He cautioned local investors to “invest in registered entities,” saying there are currently 17 virtual asset service providers (VASPs) registered in the country that offer fiat-to-crypto services.
 “At the end of the day, it’s about registration. At the end of the day, it’s about consumer protection. Work with the registered entities.”
Cointelegraph reached out to Binance for comment on the situation and any plan of action in the Philippines.

Source : https://www.binance.com/en/feed/post/1360070679738

Binance is on the radar. As long as you still have alternatives, it's not too bad in my opinion... There must be a way of exchanging cryptos in P2P in the Philippines, no? And for your day trading, what alternative do you have to Binance?

[notblox1]

Can someone post information in what countries is Binance exchange banned until now?

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.

[paid2]

Can someone post information in what countries is Binance exchange banned until now?

Here you have the list of countries where Binance has a licence, which could be a starting point.
https://www.binance.com/en/legal/licenses

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.

Yeah, and in any case, even if everything was banned in one country, they'd never be able to stop P2P

[Z-tight]

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.

[joniboini]

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

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.

[Z-tight]

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.

That is good for people in your country who depend on Binance and do not want to use other alternatives, and i am sure most people are bypassing it in this way.

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?

I don't live in the Phillippines, so i do not know how effective the ban is going to be over there, some governments would go the extra mile to enforce the ban, maybe we'll find out from someone in that area what the ban is like, once it happens.

[Gurujebs]

So here  comes the date that Binance will be banned in Philippines anytime very soon because the 90 days time given are near to be ended from November .

so for anyone here from Philippines be aware of this coming.

The fact that it was Binance that was banned and not Bitcoin or crypto is a relief to me because it will only frustrate the investors from Philippines but if Binance is ban, there are plenty of alternative exchange one can use. If not for their P2P platform that is even popular, I don't think people will be so concerned about using Binance.

I think we also need to be careful how Binance is been called all the time with all these allegations concerning them, it's either they are banned or face some allegation of fraud and money laundering despite having KYC, that means the KYC implementation is useless.

[electronicash]

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.

That is good for people in your country who depend on Binance and do not want to use other alternatives, and i am sure most people are bypassing it in this way.

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?

I don't live in the Phillippines, so i do not know how effective the ban is going to be over there, some governments would go the extra mile to enforce the ban, maybe we'll find out from someone in that area what the ban is like, once it happens.

the government is rethinking which as of now the ban is yet not imposed. people shouting yay!
not sure what they are waiting for but we traders from Philippines are watching what will happen. its been discussed in the local and we all have our alternatives in place already so its not a big loss after all.

the government is going to have to ban exchanges that has p2p. but i don't think our government is blaming binance p2p like Nigeria is doing. so binance still works here.

[joniboini]

That is good for people in your country who depend on Binance and do not want to use other alternatives, and i am sure most people are bypassing it in this way.

While that is true, I believe some users just stopped using them because they only need to liquidate their crypto to fiat regularly. I think that's not a bad thing since reducing reliance on Binance is good for the market. A local exchange that was acquired by Binance exists and is quite popular. I'd assume most people are moving there if they still need to use Binance in one way or the other.

the government is going to have to ban exchanges that has p2p. but i don't think our government is blaming binance p2p like Nigeria is doing. so binance still works here.

Is there any reason why they'd do that? I don't see why P2P is an issue assuming most platforms are registered to the government. Isn't that why they start threatening to ban overseas exchanges, not because of privacy/control issues?

[Z-tight]

the government is rethinking which as of now the ban is yet not imposed. people shouting yay!
not sure what they are waiting for but we traders from Philippines are watching what will happen. its been discussed in the local and we all have our alternatives in place already so its not a big loss after all.

Thank you for updating us on the situation on the ground, the government may even end up not placing the ban on binance and even if they do, there are many alternatives you guys can use, just like you said. It is also worth mentioning that there are recommended p2p options to use: https://kycnot.me/?t=exchange

I think we also need to be careful how Binance is been called all the time with all these allegations concerning them, it's either they are banned or face some allegation of fraud and money laundering despite having KYC, that means the KYC implementation is useless.

Binance and many other centralized exchanges indulge in shady deals and many times they may not comply with the regulatory demands of a particular country, it does not have anything to do with kyc that customers must pass on their platform, the exchange itself sometimes is also guilty of wrongdoing.

[electronicash]

That is good for people in your country who depend on Binance and do not want to use other alternatives, and i am sure most people are bypassing it in this way.

While that is true, I believe some users just stopped using them because they only need to liquidate their crypto to fiat regularly. I think that's not a bad thing since reducing reliance on Binance is good for the market. A local exchange that was acquired by Binance exists and is quite popular. I'd assume most people are moving there if they still need to use Binance in one way or the other.

the government is going to have to ban exchanges that has p2p. but i don't think our government is blaming binance p2p like Nigeria is doing. so binance still works here.

Is there any reason why they'd do that? I don't see why P2P is an issue assuming most platforms are registered to the government. Isn't that why they start threatening to ban overseas exchanges, not because of privacy/control issues?

for now its working. and the only thing that SEC is saying is that the  trading platform is operating without the necessary regulatory licenses. but it wouldn't be surprising it they will claim something else to stop that P2P for all the exchanges and then we are left to use the wallets we have in our country.

unless Binance is showing signs that they will give billions. it will be a game of whether CZ is going to offer or SEC is going to ask.

[Stompix]

Can someone post information in what countries is Binance exchange banned until now?

Here you have the list of countries where Binance has a licence, which could be a starting point.
https://www.binance.com/en/legal/licenses

So 6 countries in Europe, 9 in the whole of Asia and ME, 2 in the Americas and 1 in Africa.
18 countries out of 195.
I don't have the numbers on that but Binance is less legal than cannabis? 

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

A lot use Binance for trading, not just exchanging to fiat, the first is nearly impossible on p2p and the second is still costlier.
But anyhow, people will just move to the cheapest most reliable alternative CEX.

[bitterguy28]

Binance is on the radar. As long as you still have alternatives, it's not too bad in my opinion... There must be a way of exchanging cryptos in P2P in the Philippines, no? And for your day trading, what alternative do you have to Binance?

thanks for checking it out for us and indeed banning is to happen but the problem now is that most of the Filipino have been into Binance p2p for long and that seems hard to start in new one , admitting that most of us is focusing in single option back then but now that there are massive banning to come in exchange? surely we will be having more an dmore options to use.

[Freemind]

This is more common than we think lately. OKX ceases operations in India and gives users until April 30 to withdraw their funds, after which everything will get complicated. Centralized exchanges will have more problems and requests from governments in the name of the supposed "anti-money laundering" fight, as they would have us believe, that's why we're going to see more closures and license denials in the coming months and years. Decentralized exchanges are the best solution in these cases for most users.

For more information, visit: List of Prohibited Countries.