Is it true that the SEC, or the Philippine Securities and Exchange Commission, has banned Forex and cryptocurrency in the Philippines?
No, they have not banned cryptocurrency or forex, but they do regulate certain aspects of cryptocurrency and foreign exchange activities in the Philippines.
Some insights i want to share regarding the SEC's approach to regulate crypto and forex in the Philippines.
The Philippine Securities and Exchange Commission's primary responsibility is to protect investors and maintain fair, efficient markets. In the context of cryptocurrency and forex, the SEC's oversight aims to prevent fraud, scams, and other unethical practices while promoting transparency and integrity.
Recently SEC has shutdown the access of world's popular crypto exchange Binance in the Philippines until Binance will settle the licenses requirements. Thats why many filipinos removed their funds in Binance and transferred to other exchanges like Bybit, Bingx, OKX, Coinbase, MEXC and many more.
But to play safe, buy only or transfer only your crypto in the Philippines approved exchanges like:
Coins.ph:This is a long-established Philippine crypto exchange platform that allows users to buy and sell cryptocurrencies using Philippine Peso (PHP). They also offer other financial services like remittance.
PDAX (Philippine Digital Asset Exchange):This is another SEC-registered crypto exchange known for its user-friendly interface and emphasis on security. They offer various cryptocurrencies for trading.
Maya: This is a popular e-wallet in the Philippines that also offers cryptocurrency trading. Maya is convenient for those already using the Maya app for other transactions.
GCash:Similar to Maya, GCash is another popular e-wallet that recently integrated cryptocurrency trading. It provides a convenient way to buy and sell crypto alongside other GCash services.
Currently these 4 exchanges has the license to operate buy and sell of cryptocurrency in the Philippines.
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