The Philippine Securities and Exchange Commission (SEC) recently issued a warning to unregistered exchanges operating in the country, and clarified the timeline of the Binance ban. This is an important reminder to all cryptocurrency exchanges that they must comply with the regulations set by the SEC in order to operate legally in the Philippines.

The SEC warned that any exchange that does not register with the Commission is subject to criminal prosecution and other penalties. The Commission also clarified that the Binance ban was imposed on March 7, 2019, and not on April 2, 2019 as previously reported. The SEC stated that Binance had been given ample time to register with the Commission but failed to do so.

The SEC also noted that the ban was not intended to prevent investors from trading cryptocurrencies, but rather to ensure that exchanges operating in the Philippines comply with the regulations set by the Commission. The SEC has also been actively monitoring other exchanges operating in the country and will take action against any exchanges found to be operating without proper registration.

This warning from the SEC is an important reminder for cryptocurrency exchanges operating in the Philippines to make sure they are compliant with all regulations set by the Commission. It is also a reminder for investors to only use exchanges that are registered with the SEC in order to protect their investments.

The SEC’s warning and clarification of the Binance ban timeline is an important step in ensuring that cryptocurrency exchanges operating in the Philippines are compliant with all regulations set by the Commission. This will help ensure that investors are protected and that the cryptocurrency industry can continue to grow in a safe and secure manner.