Yesterday, Nov 28, the Securities and Exchange Commission Philippines issued an Advisory against Binance.

In a nutshell, it laid the fact that Binance is not registered in the Philippines and is not authorized to sell or offer securities to the public in the Philippines. This now poses a lot of problems to Binance users registered in the country.

I remember a few years back doing the required KYC for opening an account. And no, i think it is backfiring. Why? Because the same registration can now be used to determine you are a user from the Philippines, and hence, part of the accounts which will likely be denied access to the exchange in the near future. This is all a hypothesis on my behalf, and might not be the path Binance takes to enforce it (they have acknowledged to comply with the ruling.

The commission aims to protect the public against similar mishaps like what happened to the other exchange FTX, though of the bigger exchanges, Binance hasn't been one that has ever had problems regarding theft of user funds, but sadly it has been targeted in the tightening as a result of the former's criminal activities.

To make matters worse there are now reports of the SEC working with the country's NTC (similar purpose to the US FCC) that aims to block out the exchange from all internet providers in the country. I do hope that they dont block out users who are registered elsewhere but are just using the platform in the country (e.g Tourists and visitors).

Personally i will wind down my remaining portfolio in Binance, out of threat of getting locked out. While VPNs might be a solution, the problem is if Binance itself restricts any user who was registered in the country.

However, there are also some rumors that Binance was trying to get registered in the country, but somehow are being blocked, by what or whom i am not aware and are still looking about.