CryptoIntelligence 2024-05-05 18:50:19

Binance Ban in Philippines Spurs Shift to Local Exchanges Amidst Higher Fees and Token Limitations

Binance Ban in Philippines Spurs Shift to Local Exchanges Amidst Higher Fees and Token Limitations

Following Binance‘s expulsion from the Philippines, traders in the country now face increased trading fees and a reduced selection of crypto tokens, as indicated by a regional executive. On December 14, 2023, the Philippines Securities and Exchange Commission (SEC) initiated a three-month countdown to a Binance prohibition. Kelvin Lee of the SEC noted Binance’s failure to register in the Philippines and adhere to regulations. The National Telecommunication Commission (NTC) instructed local internet service providers to block the exchange on March 25. Subsequently, on April 23, the SEC directed Apple and Google to remove the Binance app from their stores. With

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