Foreign media: The Philippines will continue to block Binance

ChainCatcher news, according to local media reports, the Philippines Securities and Exchange Commission (SEC) will continue to block the cryptocurrency trading platform Binance in the country. The regulatory agency stated that its application submitted to the National Telecommunications Commission (NTC) of the Philippines has been approved, which requested the removal of local access to Binance's main website and other related platforms.

Philippines SEC Chairman Emilio Aquino stated in a letter to the NTC that Binance is "a threat to the safety of investment funds in the Philippines." Binance has been providing services such as cryptocurrency savings accounts and leveraged trading products in the country without the necessary licenses. While the total number of Binance users in the Philippines remains unknown, the cryptocurrency news publication Coin Journal estimates that as of February last year, there were 7 million cryptocurrency owners in the Philippines, accounting for approximately 6.1% of the total population.