We've already got a warning since November 2023 and expected the block sometime around last February or this March (for that 3 month period to get out). It's finally happening and that sucks. Securities and Exchange Commission (SEC) finally called it and wants the National Telecommunications Commission (NTC) to enforce the notice.
The Bangko Sentral (BSP) has been revoking some of VASP licenses on some exchanges. This overall limits the options for Filipinos to access the crypto market.
My own personal experience with existing local crypto exchanges is that it's not really profitable for trading, the spread is high, low liquidity, frequent maintenance gets done and KYC being a staple requirement. A lot of Filipinos here rely on Binance to take their money out.
Binance, however, has not secured from the SEC a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities, as required by Republic Act No. 8799, or The Securities Regulation Code (SRC).
Well, we just have to get used to not having nice things now. I guess it's just DEXs, Hive Engine or Peer to Peer from now on.
Thanks for your time.
