The National Telecommunications Commission (NTC) has ordered internet service providers (ISPs) to block access to Binance, the world’s largest cryptocurrency exchange.
The directive, issued on March 25th, follows a request from the Securities and Exchange Commission (SEC) citing concerns about Binance’s potential impact on the country’s financial system.
In a statement issued, the NTC emphasized the need to “protect the investing public from the detrimental effects on our economy” and prevent “further proliferation of its illegal activities.”
Internet providers have five days to confirm compliance with the NTC’s order, effectively restricting public access to the Binance website within the Philippines.
The Securities and Exchange Commission has cracked down on Binance for operating without the required licenses and permits mandated by the Securities Regulation Code.