Philippines Are Left Without Withdrawal Options as SEC Blocks Binance

Philippines crypto users are unable to withdraw their funds after the country’s Securities and Exchange Commission blocked Binance. 

In a  recent interview , Paolo Ong, the officer in charge of the SEC’s PhiliFintech Innovation Office, said that the regulator is unable to endorse any methods for users to retrieve their funds after Binance’s ban by internet service providers (ISPs) in the Philippines.

He added that the SEC had previously issued a three-month warning to Binance users, granting them ample time to withdraw their funds from the exchange. 

The intention was for investors to transfer their funds to local exchanges or personal wallets within the specified timeframe. 

However, Ong acknowledged that some users may not have been able to comply with the withdrawal requirement, leaving them without any suggested means of reclaiming their money. 

“Unfortunately, we can’t endorse any method on how to take out their money now that the blocking order is out.”

On March 25, the National Telecommunications Commission (NTC) directed ISPs in the Philippines to  block access to Binance immediately . 

The NTC gave local ISPs a five-day deadline to enforce the ban.

Despite the ban, it appears that the Binance website remains accessible in the country at the time of writing, indicating that the full implementation of the ban is still in progress.

Notably, Ong clarified that Binance had not submitted any applications to the SEC for formal registration in the Philippines. 

This contradicts earlier statements made by former Binance CEO Changpeng Zhao, who had expressed the exchange’s intention to obtain licenses in the country during a press briefing in Manila on June 8, 2022. 

Ong emphasized that, as far as the SEC is concerned, there has been no official application from Binance to register in the Philippines.

The SEC has consistently warned the public about Binance’s operations, cautioning against investing in the exchange. 

In 2022, the regulator published a notice stating that Binance lacks the authority or license to solicit investments in the country. 

Despite these warnings, some users may find themselves in a challenging position due to the inability