Philippines SEC Chief: The ban on Binance will take effect three months after the announcement is made

ChainCatcher news, according to Cointelegraph, Kelvin Lee, head of the Philippine Securities and Exchange Commission, clearly stated that the ban on Binance will take effect three months after the announcement is made. Lee mentioned that there has been a lot of confusion online regarding the ban after the regulatory agency issued a warning about Binance's unlicensed operations on November 28. He clarified that the ban "should be three months from the date of publication," with the publication date being November 29.

In addition to Binance, two other exchanges, OctaFX and MiTrade, recently received warnings from the regulatory agency regarding their unregistered operations, and they will also face bans in three months. The local SEC stated that they have a "considerable" list of unregistered exchanges that will gradually come to light. However, after seeing the actions taken against Binance, they are also trying to take a "wait-and-see" approach regarding whether these exchanges are registered.