The National Telecommunications Commission (NTC) has initiated a crackdown on cryptocurrency companies that offer investment products without the proper licenses.
On March 7th, the NTC has ordered the blocking of unlicensed crypto firm MiTrade in the Philippines.
This development follows an order from the NTC dated February 21st, directing internet service providers to block sites and apps associated with MiTrade. This order was in response to MiTrade violating rules set by the Securities and Exchange Commission (SEC).
The SEC had requested that the NTC take measures against unauthorized crypto entities. Emilio Aquino, the Chairperson and CEO of the SEC, supported the NTC’s decision, stating that it would aid in averting fraudulent investment schemes. He emphasized the commitment of the SEC and NTC to continue this collaborative effort to address platforms that engage in illegal investment activities and other financially predatory practices.
Aquino also pointed out that these efforts by the NTC are in line with their mission to safeguard Filipino investors from risky financial endeavors.
Despite these actions against unlicensed crypto operations, the Binance exchange is reportedly still available in the Philippines. At a panel discussion on December 13, 2023, SEC Commissioner Kelvin Lee mentioned that restrictions on Binance would take effect three months following the issuance of the ban on November 29th, which would imply a start date of February 29th for the ban. However, there has been no clear statement from the SEC on when they intend to enforce the ban on Binance.