Altcoins Talks - Cryptocurrency Forum

Learning & News => News related to Crypto => Topic started by: newshunter on July 08, 2022, 07:01:59 AM

Title: Policy think tank asks Philippine government to ban Binance over promotions
Post by: newshunter on July 08, 2022, 07:01:59 AM

Policy think tank asks Philippine government to ban Binance over promotions

Binance responded to the letter saying that they take compliance seriously and are looking to secure licenses in the country.

Source: Policy think tank asks Philippine government to ban Binance over promotions (https://cointelegraph.com/news/policy-think-tank-asks-philippine-government-to-ban-binance-over-promotions)

Would appreciate your opinion about this

Title: Re: Policy think tank asks Philippine government to ban Binance over promotions
Post by: Bobcrypto on July 08, 2022, 07:09:25 PM

I think Binance exchange is a big platform that can deal with some of these challenges, Binance has experience team that can handle Philippine regulators. Some time ago Binance has similar issues with the government of the United kingdom (UK) but later was resolved, I think that team is able to meet the Philippines regulators demands

Title: Re: Policy think tank asks Philippine government to ban Binance over promotions
Post by: cheezcarls on July 08, 2022, 08:09:10 PM

Quote from: newshunter on July 08, 2022, 07:01:59 AM

Policy think tank asks Philippine government to ban Binance over promotions

<p style="float:right; margin:0 0 10px 15px; width:240px;">(https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNzFiYTBlYmEtNDdlNy00NTljLTk2MjQtNzlhYmE1ZTAzNjViLmpwZw==.jpg)</p><p>Binance responded to the letter saying that they take compliance seriously and are looking to secure licenses in the country. </p>

Source: Policy think tank asks Philippine government to ban Binance over promotions (https://cointelegraph.com/news/policy-think-tank-asks-philippine-government-to-ban-binance-over-promotions)

Would appreciate your opinion about this

This isn't going to be immediate because as what I have remembered, the Binance CEO came here to the Philippines to express his interest seriously in applying for Virtual Asset Provider Service (VASP) license and also strengthening the regulation of crypto transactions and exchanging for Filipinos.

Infrawatch is only targeting Binance but they forgot about other exchanges like OKX, KuCoin and other countless ones out there. In my own opinion, maybe they are doing this because maybe they got liquidated very hard lol. They knew that Binance doesn't have an existing license in the Philippines for years, but why Infrawatch isn't doing this much earlier than now?

Most likely BSP and DTI won't honor Infrawatch's immediate request. It's not that easy. There's always a process as CZ is more popular than that Infrawatch guy. Maybe that Infrawatch guy was paid by PDAX or Coins.PH for that because they are so jealous about Binance's low exchanging fees for the Philippine market.