In a local news report, Paolo Ong, the officer in charge of the SEC’s PhiliFintech Innovation Office, <a href="https://www.youtube.com/watch?v=oTXsO92nZJw" target="_blank" rel="noopener nofollow">said</a> that the SEC couldn’t endorse ways to retrieve funds after Binance is blocked by internet service providers (ISP) in the country. 
Ong said that the regulator has already <a href="https://cointelegraph.com/news/philippines-sec-begins-binance-ban-countdown">given</a>&nbsp;a three-month&nbsp;warning and extended the time before the ban is implemented to give investors enough time to remove their funds from the exchange. 
The official hoped that investors would have already transferred their funds to either a local exchange or their wallets within the specified time frame.
When queried about the fate of users unable to withdraw their funds in time, Ong stated that they do not have any suggested means for users to reclaim their money. He said:
<blockquote data-ct-non-breakable="true">
 “Unfortunately, we can’t endorse any method on how to take out their money now that the blocking order is out.“
</blockquote>
On March 25, the National Telecommunications Commission (NTC) <a href="https://bitpinas.com/regulation/breaking-sec-proceeds-with-blocking-of-binance/" target="_blank" rel="noopener nofollow">ordered</a> internet service providers (ISPs) in the country to immediately block access to Binance. The NTC gave local ISPs five days to complete the order. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/63d80694-3326-4281-ac2e-517dc87f2115.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Philippine NTC orders ISPs to block Binance immediately. Source: BitPinas
 </figcaption>
</figure>
When asked why the exchange is still somewhat accessible in the country even after the notice, Ong said they are still working to implement the ban fully. 
Cointelegraph checked and found that the Binance website was still accessible in the country at the time of writing. 
Related: <a href="https://cointelegraph.com/news/sec-philippines-to-investigate-binance-over-alleged-illegal-operations">SEC Philippines to investigate Binance over alleged illegal operations</a>
On June 8, 2022, former Binance CEO Changpeng Zhao said in a press briefing in Manila that the exchange was&nbsp;<a href="https://cointelegraph.com/news/crypto-exchange-binance-seeks-critical-licenses-in-philippines-ceo-says">seeking licenses</a> in the country.&nbsp;
However, Ong noted that the SEC received no applications from the exchange to formally register in the country. Ong said: 
<blockquote data-ct-non-breakable="true">
 “As far as the SEC is concerned, there is no official or formal application to register here in the Philippines.”
</blockquote>
The official also noted in the interview that the SEC had warned the public several times before they proceeded with a ban. In 2022, the SEC <a href="https://cointelegraph.com/news/philippine-sec-cautions-the-public-not-to-invest-with-binance">published a notice</a> warning the public not to invest in Binance. The regulator said the exchange does not possess the authority or license to solicit investments in the country. 
Magazine: <a href="https://cointelegraph.com/magazine/memecoins-make-millionaires-terraform-do-kwon-liable-for-fraud-hodlers-digest-march-31-april-6/">Memecoins make millionaires, Terraform and Do Kwon liable for fraud, and more: Hodler’s Digest</a>

Philippines SEC ‘can’t endorse’ ways to retrieve funds after Binance ban

Cointelegraph

Other articles published on Apr 8, 2024

5 Best Cheap Crypto to Buy Now Under 1 Dollar April 7

Velo and Solana Foundation Sign MOU to Establish Clearing House for Laos' Digital Gold Transactions

Zeebu Announces Title Sponsorship and “Zeebu Stage” at TOKEN2049 Dubai

Excitement Builds as Bitcoin Approaches Its Fourth Halving

Why Ripple CEO Brad Garlinghouse Predicts A $5 Trillion Crypto Market Cap In 2024

Ethereum Price Prediction: Can ETH Mirror BTC Historic Rally

Join our free newsletter for daily crypto updates!