In the latest development, the Philippines has banned Binance, the largest cryptocurrency trading platform in the world, because of the struggle of lawsuits. The ban became effective because Binance failed to acquire the authorization license, which changed its operation company in the country to illegal activities.
A big change has occurred to Binance in the Philippines after the ban has been implemented. It disallows the fund manager’s solicitation for public investments and prohibits it from operating like a stock exchange. As a result, the entirety of its business activities is to be performed without any hiccups. This way, Binance exchanges are to the dismay of Filipino investors in the cryptocurrency business, which depends on the platform as their means of transactions. They must now look for other or competing platforms to manage their funds.
Measures of VPN owners, such as PureVPN, ExtremeVPN, and NordVPN, have become more common as a way to bypass the Philippine’s ban on Binance. Some of the Binance users have used VPN to circumvent the restrictions imposed by the government. There are other concerns about legality and security issues which have to do with this and can even be considered as breach of the laws of the land
Theta Binance in the Philippines is hampered by operational hurdles and questions of whether it upholds the regulatory crime. This is way more problematic for Binance, which aimed to be the world’s most licensed cryptocurrency exchange because this setback has significantly harmed them.
Under the law crisis facing Binance in the Philippines, the exchange will devise a strategy for overcoming the legal obstacles, which, in turn, will lead to rebuilding trust with the authorities and users. This is an important lesson about the direct consequence of ignoring requirements and obtaining corporate licenses to operate smoothly across varied regions.
