Philippines SEC gives Binance three months to register

The Philippine Securities and Exchange Commission (SEC) has explained its decision on Binance and other crypto exchanges operating in the country without a license. In a move to regulate the industry, the SEC has given Binance a three-month period to register in the country. Local media reported this, citing the head of the regulator, Kelvin Lester Lee. The SEC had previously issued a warning to Binance at the end of November 2023, and the chairman clarified that the three-month period began from the date of the warning. The SEC also issued similar warnings to OctaFX and MiTrade, giving them the same registration deadline. The SEC has been working on regulating the crypto industry and had presented amendments to consumer financial services law earlier in the year. These amendments aimed to equate crypto assets to derivatives and were successfully adopted in April.