Content Creator archielim.eth: “I think may kinalaman ang politics dito kung bakit bina-ban nila ang Binance.”
CONTENT CREATOR – Content creator archielim.eth claimed that the politics in the Philippines has something to do with why the Securities and Exchange Commission (SEC) has issued an advisory against Binance.
To recall, the Commission has issued an advisory against Binance for unauthorized transactions in the Philippines. According to the Commission, the removal of access in the country is expected to take effect within 3 months after the issuance of the advisory against the online cryptocurrency exchange.
The Commission also said that it will ask for help from the Department of Information and Communications Technology (DICT) and the National Telecommunications Commission (NTC) to block access to the said platform in the country. Aside from this, the Commission said it has asked Meta and Google to ban online ads from Binance in the country as well.
On Facebook, content creator archielim.eth posted a video where he gave his reaction after reading the advisory from the Commission.
He went on to ask why the Commission has issued an advisory only against Binance when all the cryptocurrency exchanges are technically “unregistered” except local exchanges.
“Ang hindi ko lang ma-gets, bakit Binance lang yung nag-iisang crypto exchange na ina-advise against nila because technically lahat naman ng mga exchanges – except yung mga locals – ay unregistered,” he said. “Kung iba-ban nila yung Binance, dapat binan na rin nila lahat ng mga exchanges. So I think may kinalaman ang politics dito kung bakit bina-ban nila ang Binance.”
Although he said at the start of the video that he won’t move his crypto assets from Binance to another platform yet, he told his viewers that they can transfer their funds to local exchanges such as PDAX and coins.ph.
The content creator also emphasized the importance of decentralization, DeFi (decentralized finance), “hot wallets”, and non-custodial crypto wallets.
According to a report on ABS-CBN News, online cryptocurrency exchange Binance said that it acknowledges and respects the statement of the Commission and is also taking steps in order to align with the Philippine laws.
You may also visit – SEC Issues Advisory vs Binance For Unauthorized Operations In PH
