Philippines’ SEC Prepares to Block Binance Access Amid Regulatory Compliance

The Philippine financial market is facing significant shifts in two distinct sectors: cryptocurrency and the stock market.

Firstly, the Philippines’ Securities and Exchange Commission (SEC) is initiating measures to block Binance, the world’s largest crypto trading platform, citing the need to protect the public from unregistered investment products. The SEC’s concern arises from the fact that Binance is not authorized to sell or offer securities in the Philippines. In collaboration with the National Telecommunications Commission and the Department of Information and Communications Technology, the SEC aims to restrict access to Binance within the country. This move is expected to take effect within three months, providing Filipino investors ample time to close their positions and secure their investments. Notably, this action follows the recent legal settlement by Binance chief Changpeng Zhao in the United States, where he paid a substantial sum to resolve a probe into the crypto exchange’s compliance with anti-money laundering laws. Binance, under new leadership with Richard Teng, has expressed its commitment to complying with Philippine regulations​​.

Meanwhile, the Philippine Stock Exchange (PSE) is experiencing a downturn, largely attributed to profit-taking activities. The benchmark Philippine Stock Exchange index (PSEi) witnessed a drop of 0.70 percent, falling to 6,265.14 points. Similarly, the All Shares index also saw a decrease. This shift in the stock market reflects a broader trend of investors securing their gains towards the end of November. The total value turnover in the market reached P5.8 billion, with a predominantly negative market breadth. Internationally, mixed trends were observed in stock markets, with notable declines in key Asian markets like Japan’s Nikkei 225 and Hong Kong’s Hang Seng. In contrast, Wall Street experienced an upturn due to positive US consumer confidence reports and expectations surrounding the Federal Reserve’s interest rate policies. The global economic landscape is closely monitored by investors, particularly with regard to the performance of oil prices and the outcomes of upcoming OPEC meetings​​.