The head of the Philippines Securities and Exchange Commission (SEC), Kelvin Lee, clarified in a panel discussion on December 13 that Binance and other unregistered exchanges, which were issued an advisory, have a three-month grace period before they face a ban in the country.
As per a report, Lee mentioned that there’s been considerable online confusion regarding a ban following a regulatory advisory issued to a cryptocurrency exchange on November 28 for operating without a license.
When asked to provide clarification, Lee explained that the ban was intended to last for three months starting from the date of issuance, which was November 29.
He mentioned that the initial suggestion was a one-month duration, possibly even a “one-week transition period.” However, he opted for an extended timeframe, taking into consideration the Christmas holiday.
This decision aimed to avoid creating difficulties for Filipino investors during that festive season.
The local SEC disclosed that it has a substantial list of unregistered exchanges that will gradually come to light.
Nevertheless, the SEC is adopting a “wait-and-see” approach to determine whether these exchanges will choose to register, likely influenced by the actions taken against Binance.
Also Read: Binance Fights Back Against SEC Suit With Numerous Filings
