Ban on Binance seen to chill crypto landscape

THE PHILIPPINES ban on the crypto exchange Binance may have a chilling effect”on the industry,according to analysts

Overall, this action of the Securities and Exchange Commission (SEC) sends a chilling effect to all other exchanges, whether they are international or locaI Innovative Movement of the Philippine Association of Crypto Traders (IMPACT) Founding Chairman Arlone P. Abello said in a Viber message last week

The time will come that questions may arise he added

Last week,the SEC requested the National Telecommunications Commission (NTC) to block access to Binance for operating in the Philippines without a license.Subsequently the NTC ordered internet service providers to block access to the cryptocurrency giant

Jiro Luis S Reyes,chief executive officer of the Filipino-led crypto education platform Bit-skwela said in a Viber message that the ban on Binance is a net negative”for the country as it would affect adoption in the short term

This will definitely affect adoption, openness, and the financial benefit for Filipinos at least in the short run This kind of opportunity in crypto only happens every few decades. We don’t know how long it would take before the next global opportunity like this would occur. It would cost us too much in the long run to shy away from this emerging sector,he said

Investments made by Filipinos in Binance are still intact,with the ban only barring access to the crypto exchange domain,he noted

He also said the SEC’s ban could be bypassed with the use of a virtual private network (VPN) or a different domain name system DNS

If you access the site through a VPN,from another country,or a different DNS,then as of writing,you may still access Binance But these fixes may only be short-term and can be covered by either the SEC or Binance if they choose to do so

For his part, Nichel Merlimichael O.Gaba chief executive officer and founder of the Philippine Digital Asset Exchange PDAX said the domestic ban on Binance signals the maturation of the crypto industry and its increasing acceptance