The Philippine Securities and Exchange Commission (SEC) has given Binance and other platforms operating without a license a three-month period before they will be banned. The head of the financial regulator, Kelvin Lee, clarified that the three-month period starts from November 29, but it may be extended depending on feedback. The original recommendation was for a one-month period, but it was extended to three months to give all parties involved time to seek regulatory approval. The SEC aims to protect investors and prevent potential losses by adopting fully compliant measures for all virtual asset service providers in the country. The Commission has also issued warnings to other firms operating without a license and will adopt a "wait and see" approach to see if they register. Commissioner Lee debunked the claims of these firms that they don't operate in the country, stating that they target Filipino investors online. The SEC advises citizens to use registered platforms and will release new regulations in the future regarding digital assets.
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