NTC to telcos: Block Binance
The government has ordered internet service providers (ISPs) to prevent Filipinos from accessing cryptocurrency giant Binance.
In a memorandum, the National Telecommunications Commission (NTC) directed all ISPs to block access to the website of Binance, particularly binance.com/en, as the government pursues a crackdown against the crypto trader.
“Said memorandum was prompted by the letter request received by the NTC on the same day [of March 25] from the Securities and Exchange Commission (SEC), seeking the NTC’s assistance in having said website blocked in order to prevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy,” NTC said.
The SEC decided in a March 12 meeting to push through with the blocking of Binance in the Philippines. The SEC filed before the NTC a request for assistance in preventing Filipinos from accessing the online pages of Binance.
The NTC, in response, said it is giving ISPs at least five days to block Binance in their respective networks. Afterward, the ISPs must submit a report to the NTC detailing their actions.
In 2023, the SEC banned Binance for doing business without a license, meaning it is unauthorized to offer investment products to Filipinos.
Under Republic Act 8799 or the Securities Regulation Code, companies are mandated to secure a license from the SEC before they can sell any form of securities to the investing public.
SEC chairman Emilio Aquino believes it is necessary that Binance is blocked in the Philippines to protect the funds of Filipinos looking for investment opportunities.
In a series of posts on X (formerly Twitter), GCash head of crypto Luis Buenaventura outlined a number of steps on how to move tokens out of Binance with the ban now in effect. Investors can download the app 1.1.1.1 to bypass local networks and regain access to Binance.
Buenaventura also suggested that investors sell and rebuy their tokens,
but this may diminish the value of their holdings a bit. He also reminded Filipinos that there is no technological way for the government to cut off access to their funds.
Binance is the largest crypto trader in the world but it is facing scrutiny from regulators worldwide, including the US where it was litigated for failing to enact anti-money laundering programs, enabling the transfer of terrorist money, among others.
Digital assets like Bitcoin hold value in the crypto market that can be exchanged for legal tender.