As a long-term crypto investor and someone who has closely followed the developments in the Philippine cryptocurrency scene, I believe that the Binance ban is a significant development with both positive and negative implications.
An executive working in the Philippines has shared that traders there, following Binance‘s departure, now face increased trading fees and a reduced selection of cryptocurrencies to trade due to the situation.
Beginning December 14, the Securities and Exchange Commission (SEC) of the Philippines has set a deadline of three months for Binance to cease operations within their jurisdiction. Kelvin Lee, a representative from the SEC, stated back then that Binance failed to register and adhere to local regulations.
The country’s National Telecommunication Commission (NTC) ordered local internet service providers to block the exchange on March 25. On April 23, the SEC ordered Apple and Google to block the Binance app from their stores.
As a crypto investor, I’ve been closely monitoring the situation following the implementation of the Binance ban in the Philippines. I wanted to gain some insights from the local community, so I reached out to fellow players in the industry to learn about their experiences and perspectives on how this development has affected the crypto space here.
Higher fees and fewer tokens to trade
Ethan Rose, the head of Pouch, a business enabling Bitcoin transactions in the Philippines, commented that the ban on Binance is safeguarding Filipino investors from potential wrongdoers. He highlighted that the previous CEO of Binance, Changpeng Zhao, admitted to significant financial misconduct.
“A ban on Binance protects all Filipinos from exposure to bad actors.”
As a researcher examining the cryptocurrency market, I’ve come across Rose’s perspective regarding the Binance trading ban. According to her, this restriction pushes traders towards local exchanges. She strongly argues that this shift brings about a substantial beneficial effect on the local economy.
“Rose further pointed out that the rise in local businesses could benefit Philippine crypto companies in securing external investments, contributing positively to the country’s economy,” is a possible paraphrase of the original statement.
As an analyst, I acknowledge that while implementing the ban could bring about desirable outcomes, it is essential to consider the potential consequences. Filipino traders may encounter increased trading fees following the ban’s implementation. Rose expressed this viewpoint by stating:
“The tradeoff is that Filipinos who participate in crypto trading will be subject to higher fees with local platforms and less variety of tokens to trade.”
The executive holds the view that this isn’t a major issue worth worrying over.
Not a “major clampdown” on crypto
Meanwhile, Arlone Polo Abello, the CEO of crypto education firm Global Miranda Miner Group, said:
“This SEC action is not a major clampdown, but reflects the United States SEC’s approach of requiring exchanges to register, like with Binance and others.”
As a researcher studying the crypto trading landscape, I’ve come across Abello’s perspective that unregistered crypto exchanges may face a “chilling effect” due to regulatory actions. However, it’s essential to note that there’s an emerging consensus among stakeholders that proper registration is necessary for these platforms to legally operate within the country.
In the conversations between Binance and local merchants, Binance failed to provide information or seek input from traders in the nation when asked.
In the focus group interviews we conducted with cryptocurrency traders, it became apparent that Binance’s absence of updates and dialogue about their situation in the Philippines was noticed. (Or) During our discussions with cryptocurrency traders in focus groups, it was brought up that Binance had been quiet on the issue of their standing in the Philippines, with no communication provided.
Highlights the importance of compliance
The CEO of OTC trading firm Moneybees, Jay Ricky Villarante, commented that the Securities and Exchange Commission (SEC)’s move to prohibit Binance highlights the necessity of adhering to regulatory norms and supervision within the cryptocurrency sector.
Villarante emphasized that all market players, including exchanges, investors, and regulatory bodies, need to adhere to the regulations accurately for the longevity and authenticity of the market.
Moreover, the ban could bring about increased regulatory consistency within the area as Villarante pointed out.
“The SEC’s action may contribute to greater regulatory clarity within the Philippines crypto market by setting a precedent and establishing clear boundaries for acceptable conduct of the different participants in the crypto market ecosystem.”
This could be rephrased as: The executive added that it could boost market faith and motivate responsible advancements within the industry.
In summary, the executive holds that this development carries both disadvantages and advantages. Nevertheless, it represents a substantial advancement for cryptocurrencies within the nation, as acknowledged by Villarante.
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2024-04-29 14:36