SEC Asks NTC to Block Binance in Philippines

[Agbe]

What is Happening to Binance?

https://www.rappler.com/business/sec-asks-national-telecommunications-commission-block-binance/
This is no longer a News in the local boards both here and Bitcointalk di drift between Nigeria government and her agencies with Binance and her agencies (Securities and Exchange Commission, SEC). And now Philippines SEC has told their Telecommunication Commission to Block everything concerning Binance in the country.

Therefore from what is happening in the world Binance if you are still using Binance to do your transaction with crypto to crypto, you have to move all to another exchange or preferable non custodial wallet to save guide your coins. You can click the link above to read more.

[electronicash]

this is a formal request but its going there already. crossing fingers still.
majority of the Filipino traders were already preparing for the day. i think all have been verifying their KYC on other exchanges. things are going to be different when this ban finally take place. very uncertain whether price in peso will be lesser.

or may be there will be more hodlers this time. this ban will not be the last because there are still other exchanges to use, they didn't completely ban all together. 

why is this in the Nigerian forum?

[EluguHcman]

That is a Very vital update. It is little becoming a global tussling for Binance exchange and no one knows what would be their next action of it was going to be shutting down their sites, taking decision on their clients in an overnight.
To stay safe from his nightmares coming across, it is better of preventive action is earlier on taking than being consoled.
Binance is not the only crypto exchanges so why would Crypto Investors keep rampaging around the exchange like it is an almighty or the only source for crypto trading.

If the Binance exchange can not solve it issues with the government and also keeping a good and reliable transaction system to its clients then let them watch investors detaching from them.

[Coyster]

Therefore from what is happening in the world Binance if you are still using Binance to do your transaction with crypto to crypto, you have to move all to another exchange or preferable non custodial wallet to save guide your coins. You can click the link above to read more.

If you were hodling your coins in Binance, it is pertient to move it into your non-custodial wallet, it is not advisable to keep coins in an exchange for a long time. Binance is having a lot of problems as regards regulatory compliance in many countries, but it is not only Binance, so many other exchanges are facing the same issues.

Finally, if you live in a country that has banned Binance, you can either move to another exchange or trade using VPN based on how effective the ban is.

[electronicash]

Therefore from what is happening in the world Binance if you are still using Binance to do your transaction with crypto to crypto, you have to move all to another exchange or preferable non custodial wallet to save guide your coins. You can click the link above to read more.

If you were hodling your coins in Binance, it is pertient to move it into your non-custodial wallet, it is not advisable to keep coins in an exchange for a long time. Binance is having a lot of problems as regards regulatory compliance in many countries, but it is not only Binance, so many other exchanges are facing the same issues.

Finally, if you live in a country that has banned Binance, you can either move to another exchange or trade using VPN based on how effective the ban is.

is binance allowing users to use VPN?
because if this is the case, i wouldn't have to register to some other exchanges and then submit documents again. as for now i am registering to another but haven't yet verified my account.

from what i see, something big will happen soon especially BTC dump and then exchanges will all together exchanges be banned on many countries.  this is not going to be good.

[Agbe]

why is this in the Nigerian forum?

Nigeria also has similar incident so it is also a warning to those who are still using Binance for their transaction and keeping cryptocurrencies. Binance now is having problems across the globe and that is a bad signal to the company.

is binance allowing users to use VPN?
because if this is the case, i wouldn't have to register to some other exchanges and then submit documents again. as for now i am registering to another but haven't yet verified my account.

from what i see, something big will happen soon especially BTC dump and then exchanges will all together exchanges be banned on many countries.  this is not going to be good.

Exactly the way things are going now it is not really good to use exchange to keep coins for even one week. But you can use it to buy and sell instant and sell it to the non custodial wallet or sell it off instant to avoid their dramas.

[Cantsay]

is binance allowing users to use VPN?
because if this is the case, i wouldn't have to register to some other exchanges and then submit documents again. as for now i am registering to another but haven't yet verified my account.

from what i see, something big will happen soon especially BTC dump and then exchanges will all together exchanges be banned on many countries.  this is not going to be good.

Ever since the delisting of NGN, I've never logged into my account again, but still, even if they allow the use of VPN, will it still be worth risking your funds for it? If per-adventure the ban takes place and fg decides to stick their nose in and add Nigeria to the list, I'll simply locate other sites that I can use for my trading rather than risking my funds by using VPN. If anything should happen when using VPN or a second KYC verification was asked, what would happen?

For now I'll just have to sit back along with my popcorn and enjoy the show.

[electronicash]

is binance allowing users to use VPN?
because if this is the case, i wouldn't have to register to some other exchanges and then submit documents again. as for now i am registering to another but haven't yet verified my account.

from what i see, something big will happen soon especially BTC dump and then exchanges will all together exchanges be banned on many countries.  this is not going to be good.

Ever since the delisting of NGN, I've never logged into my account again, but still, even if they allow the use of VPN, will it still be worth risking your funds for it? If per-adventure the ban takes place and fg decides to stick their nose in and add Nigeria to the list, I'll simply locate other sites that I can use for my trading rather than risking my funds by using VPN. If anything should happen when using VPN or a second KYC verification was asked, what would happen?

For now I'll just have to sit back along with my popcorn and enjoy the show.

yes its worth it than submitting another KYC documents to another exchange. there is nothing like binance actually. so if they are allowing us to use VPN, people will still be there. i have a few USDT inside my binance because after all we still can access. and i'm waiting whether they will send email.

they wouldn't just all of a sudden just block the exchange without having a warning before the day.

if you have been in binance for awhile and tried the P2p, you will realize there are big businesses in your country accumulating coins, those companies i believe are connected to big names in the country. i'm sure those guys will not allow Binance will suddenly be just cut all off a sudden.

[Charles-Tim]

Therefore from what is happening in the world Binance if you are still using Binance to do your transaction with crypto to crypto, you have to move all to another exchange or preferable non custodial wallet to save guide your coins. You can click the link above to read more.

The problem will be if Binance is hacked and coins are stolen that is high enough for Binance not to be able to pay back. Aside that, do not worry. If Binance want to leave a country and not provide exchange service to the country's people, the Binance will tell people in the country to withdraw their money and give a deadline.

But it is good for people to always know that they should not leave their coins on exchanges aside little amount of  money that is used for trading. For holding, use noncustodial wallet to have full control of your coins.

[Agbe]

Those who are using Binance in Philippines will not have access to the app and website again because NTC has asked the Network Provider to block all the areas one can assess Binance in the country.
NTC orders internet providers to block access to Binance I will like to follow thes countries with Binance drama to the end. And the way I look at it Binance does not want to obey the local exchange rules. Because from the statement made, Binance is having some illegal activities.in the country. And that also the same allegations in the Nigerian counterparts. There are some money laundering activities Binance is carrying out in their platform.

[Cryptsafe]

What is Happening to Binance?

https://www.rappler.com/business/sec-asks-national-telecommunications-commission-block-binance/
This is no longer a News in the local boards both here and Bitcointalk di drift between Nigeria government and her agencies with Binance and her agencies (Securities and Exchange Commission, SEC). And now Philippines SEC has told their Telecommunication Commission to Block everything concerning Binance in the country.

Therefore from what is happening in the world Binance if you are still using Binance to do your transaction with crypto to crypto, you have to move all to another exchange or preferable non custodial wallet to save guide your coins. You can click the link above to read more.

I think Binance just have to do the needful by complying to all the rules of the various nations they find themselves otherwise they would not be happy with what they would encounter in the nearest future.  Binance is a world known entity and as such is expected to have made millions of dollars from nations and do not want to comply with them because they have not been approached by them.

[Agbe]

I think Binance just have to do the needful by complying to all the rules of the various nations they find themselves otherwise they would not be happy with what they would encounter in the nearest future.  Binance is a world known entity and as such is expected to have made millions of dollars from nations and do not want to comply with them because they have not been approached by them.

Exactly and that is only solution for their problem and if not Binance will closed down with people money and will not pay back. Because that I don't advise people to use Binance again. And right now the withdrawal traffic by users of Binance in Philippines is very high because of the announcement of the exchange ban in the country. And I don't know why they were keeping their funds in the Centralized Exchange when they know that exchange is not good to save funds. "not your key not your coins".

[Mr. Allcrypto]

I think Binance just have to do the needful by complying to all the rules of the various nations they find themselves otherwise they would not be happy with what they would encounter in the nearest future.  Binance is a world known entity and as such is expected to have made millions of dollars from nations and do not want to comply with them because they have not been approached by them.
[/quote]



For now that is the only solution, because due to all these bans and restrictions, they will be getting negative feedbacks and people will be afraid to put their assets in binance.
Pertaining the Nigeria case with binance, since one of the binance executive is still remaining in custody, is there any possibility of them accepting the terms and conditions of FG and rectifying the issue?

[Legion]

For now that is the only solution, because due to all these bans and restrictions, they will be getting negative feedbacks and people will be afraid to put their assets in binance.
Pertaining the Nigeria case with binance, since one of the binance executive is still remaining in custody, is there any possibility of them accepting the terms and conditions of FG and rectifying the issue?

It is true that currently many are panicking about what response the government has made to Binance, Binance prefers to accept the accusations and leave Nigeria and close all trading access to Nigeria's local currency. Binance is a very large company or platform and it is not good if the government takes action like that, with what this government has done it is very detrimental to its people.

[Darker45]

It is true that currently many are panicking about what response the government has made to Binance, Binance prefers to accept the accusations and leave Nigeria and close all trading access to Nigeria's local currency. Binance is a very large company or platform and it is not good if the government takes action like that, with what this government has done it is very detrimental to its people.

I think the government is too aggressive and doesn't want to have a discussion before making a statement, this kind of attitude is very unwise to be called a government. The government should be a bridge between the community and big companies like Binance. If the government before giving this statement could have spoken better and more politely and invited the people in charge of Binance in Nigeria then they wouldn't be like this. If Binance is too disappointed then now the people are the victims.