The Securities and Exchange Commission (SEC) in the Philippines has taken decisive steps to address concerns related to the popular Cryptocurrency Exchange, Benance. In a step that has attracted significant attention, SEC has formally requested the National Telecom Commission (NTC) to block access to the website and other affiliated web pages within the country 123.
This decision comes between the background of regulator probe and developed dynamics in Crypto Space. Here is a timeline of leading major events for this ban:
- November 28, 2023: Commissioner Lee announced an unregistered cryptocurrency exchanges between SEC and NTC and announced an cooperation to block platforms mentioned in SEC advisor 4.
- November 29, 2023: The Philippine SEC issued a careful statement against Benance, emphasizing the need for compliance with local rules. In response, Benance announced that it would discontinue marketing efforts in the Philippines 4.
- December 13, 2023: Commissioner Lee clarified that the Binense ban will be three months from the date of initial issuance of SEC (29 November). The possibility of extending the deadline on the basis of response was also mentioned.
- January 31, 2024: Local binen users reported restricted access to certain characteristics due to regulatory compliance issues.
The viral tickek video featured by the senator Francis Talentino further speculated, stating that Benance would be banned “next week” in the Philippines 4. However, the situation remains liquid, and investors and crypto enthusiasts are closely monitoring.
The ban raises questions about the future of cryptocurrency exchanges in the Philippines and underlines the delicate balance between innovation, investor protection and regulatory inspection. As the crypto scenario continues to develop, stakeholders wait for more updates on the status of the country within 1234.
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