MANILA, Philippines – The National Telecommunications Commission (NTC) ordered internet service providers to block cryptocurrency giant Binance in the Philippines, upon the request of the Securities and Exchange Commission (SEC).

In a statement released on Tuesday, March 26, the NTC said internet service providers are given up to five days to report on their action regarding the directive.

The SEC had warned the investing public against using Binance in November 2023, noting that it had yet to secure a license to operate from the commission.

In a letter dated March 12 sent to the NTC, SEC Chairperson Emilio Aquino said Binance “poses a threat to the security of the funds of investing Filipinos.”

Binance is the world’s largest crypto trading platform, with an average daily trading volume of $65 billion covering over 400 cryptocurrencies. According to its website, it has over 183 million users worldwide.

In 2023, the SEC gave investors time to pull out their funds from the platform.

It noted that enablers of the app may also be criminally liable and may be penalized with a maximum fine of P5 million or imprisonment of up to 21 years.

Binance earlier said it is committed to aligning with local regulators and that it took steps to address the SEC’s concerns.

The SEC’s latest move comes just a month after the NTC ordered all internet service providers to block websites and apps of OctaFX and MiTrade. – Rappler.com