Jay Ricky Villarante, the CEO of Moneybees, said that the decision to ban Binance reflects the importance of regulatory compliance and oversight in the industry.
With Binance being ousted from the Philippines, traders based in the country now have to deal with higher trading fees and fewer crypto tokens to choose from, according to an executive working in the region.
On Dec. 14, the Philippines Securities and Exchange Commission (SEC) announced a three-month countdown to a Binance ban. The SEC’s Kelvin Lee said back then that Binance “never bothered to register in the Philippines” and comply with regulations.
The country’s National Telecommunication Commission (NTC) ordered local internet service providers to block the exchange on March 25. On April 23, the SEC ordered Apple and Google to block the Binance app from their stores.