After months of seeking to block access to the Binance cryptocurrency exchange, The Philippines Securities and Exchange Commission (SEC) has now obtained the necessary approval to ensure an inevitable ban. According to reports from local media, The Philippines SEC received the necessary approval from the National Telecommunications Commission (NTC) to ban Binance’s local access. 

The current Philippines SEC Chairperson, Emilio Aquino, said that Binance is a major threat to the country’s security of funds investing. Moreover, Binance offers several unregistered banking services including crypto saving accounts and leveraged crypto trading. 

Consequently, Binance is about to see its more than 170 million globally registered users shrink by possibly 7 million. Although Binance customers in the Philippines remain unknown, it is the dominant exchange among the 9.3 million crypto owners in the country.

Market Impact of the Binance Ban in The Philippines 

The ban on Binance crypto exchange in The Philippines is a major blow to the top-tier firm amid the ongoing mass adoption of web3 products and digital assets. Already, Binance is feeling the impact of the $4.3 billion settlement with the United States Department of Treasury, which included the exit from the local market. 

The settlement in the United States has had a profound impact on Binance’s relationship with European countries. 

Nonetheless, Binance’s native coin BNB has continued to rise amid the ongoing crypto bullish outlook. According to the latest market data, BNB’s price gained more than 52 percent in the past four weeks to trade around $581 on Monday during the early New York session.

The large-cap altcoin, with a fully diluted valuation of around $89 billion, has significantly benefited from the palpable growth of Binance’s web3 ecosystem.

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