Binance is facing a ban in the Philippines as the country’s Securities and Exchange Commission confirms the deadline for its business registration in the country. The crypto exchange was given a three-month deadline, and the countdown for it has already started.
CoinTelegraph reported that the head of SEC, Kevin Lee, explained that Binance and other crypto exchanges that have been issued a registration advisory are only given three months to comply. The commission said that failure to do so would result in blocking their operations in the region.
Countdown to the Ban in the Philippines
Lee said that the ban would take effect in three months, and the counting of days began from the day the commission issued the advisory. This means that the clock is ticking for Binance as it faces a potential shutdown in the Philippines.
It was reported that Lee said the SEC officially sent out the advisory to Binance and other firms on Nov. 29. The commission was prompted to issue the notice as they have been discovered to be operating without proper license.
The SEC head said that originally, the recommendation for the registration period was one month from the date of issuance, but they decided to extend the deadline to three months to give companies more time due to the Christmas holiday.
“Depending on how feedback is, we can actually extend that, but currently we should feel lucky with the three months,” Lee added.
SEC is Targeting Other Crypto Exchanges
Meanwhile, the head of the commission further explained that their office is not only going after Binance but they are also looking into other crypto exchanges for non-compliance with the registration law.
Lee mentioned that the SEC also sent an advisory to MiTrade, OctaFX, and two other companies, and all of them are also facing bans once the three-month deadline for registration is not met, according to TronWeekly.