Philippines Regulator Canceled Binance’s Ban Proposal

According to reports, some agencies recently accused Binance of irregularities and then proposed a bill to ban its activities in Philippi. However, the department overseeing trade and industry affairs in Philippi (DTI) has canceled the proposal.

DTI Canceled Binance Operation Ban Proposal

According to the report, Filipinos who are crypto enthusiasts were agitated when the proposed bill was first announced. Luckily, they don’t have to worry anymore, because the bill won’t see the rising sun as it was scrapped by regulators.

Local Infrawatch PH reportedly accused Binance of illegally promoting its offerings and services in the country. Also, the accuser proposed that the DTI should probe the crypto firm and ban its activities. 

The Department of Trade and Industry in Philippi who judged the proposed bill said it was baseless accusation. The regulator further claimed that the banning of Binance’s operation should be based on a clear crypto framework. 

However, it alleged that the country’s central bank has refused to set up such clear crypto regulations. Hence, the regulatory body dismissed the case on the ground of no clear guidelines.

The news of the dismissal met crypto enthusiasts in the country with great tidings. They were excited that they can continue with their crypto activities on Binance.

Binance Admitted The Allegations Against It Was True

While responding to the accusation, Binance’s spokesman said the allegations against the firm were true as they are not yet licensed. However, he stated that the firm which one of the biggest exchanges is currently processing all the necessary papers to make its activities legally backed in the country.

Nonetheless, the regulator could not act on the allegations nor ban the crypto firm from operation in the region. They maintained that it would be a different outcome if there was a standing and clear crypto regulation framework in the country. 

The DTI spokesperson said that they have no power to rule over digital assets since they are not consumer goods. Hence, they could not penalize the firm for promoting its offerings and services without a license.

He continued that the central bank has the ultimate say over the issues concerning financial products. However, he pointed out that the ultimate bank is yet to figure out how to regulate the crypto industry. 

The regulatory framework is expected to entail clear rules and regulations that would guild the use and trade of cryptos in the country. It would also cover the activities of individuals or organizations that wish to promote or sell any activity related to financial assets.

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