GLOBAL cryptocurrency exchange Binance will no longer be accessible in the Philippines after the National Telecommunications Commission (NTC) ordered internet service providers (ISPs) to block access to the cryptocurrency giant.
This comes after the Securities and Exchange Commission (SEC) asked the NTC to block Binance as it has no license to operate in the Philippines.
“The ISPs were given by the NTC a period of not later than five days from receipt of said memorandum to submit a report on the action taken regarding said directive,” NTC said in a media release on Tuesday.
Globe Telecom, Inc. is already working to block access to Binance’s website and its other webpages, said Anton Reynaldo M. Bonifacio, Globe’s chief information security officer.
However, advertisements in social media platforms are not within the telecommunications company’s control, he added.
SEC has also sought assistance from Google and Facebook operator Meta to prevent Binance’s online advertisements from targeting users in the Philippines.
“Globe will comply with the NTC order to block access to the domain. However, ads inside social media are not within our control, and blocking of those will have to be done by the social media platforms,” Mr. Bonifacio said in a message.
Pangilinan-led PLDT Inc. said it has already blocked access to Binance.
“Since this morning, PLDT Group has complied with the NTC memorandum, blocking access to Binance in the Philippines,” PLDT said in a Viber statement.
BusinessWorld has yet to receive a reply from Converge ICT Solutions, Inc.
SEC said its action aims to prevent ”further proliferation of [Binance’s] illegal activities in the country, and to protect the investing public from its detrimental effects.”
Binance is said to be the largest cryptocurrency exchange in the world, with more than 183 million members, having an average daily trading volume of $65 billion covering over 402 cryptocurrencies. — Ashley Erika O. Jose