A proposed ban on Binance was rejected by the Philippine Department of Trade and Industry because the central bank has not taken a position on cryptocurrency regulation.
Due to the absence of cryptocurrency rules in the Philippines, a proposal to prohibit the operation of the major cryptocurrency exchange Binance there would not gain traction.
After a lobbying organization called for the banning of Binance in early July, the Philippines’ Department of Trade and Industry (DTI) cited the lack of specific criteria established by the nation’s central bank, Banko Sentral ng Pilipinas (BSP), as a roadblock.
Infrawatch PH, a local think tank, requested that the DTI look into Binance’s advertising of its products and services since it believes that this was done without the proper authorizations.
Binance made an effort to appease the parties by claiming that it planned to defend the e-money issuer and virtual asset service provider licenses in the Philippines.
Nevertheless, according to their most recent contact with Infrawatch PH, DTI cannot execute any decision prohibiting Binance from operating in the nation. According to Forkast, the agency identified a gray area for virtual assets due to a lack of legislation:
“Cryptocurrency and other forms of virtual assets are not consumer products, the Department of Trade and Industry has no jurisdiction to act on applications for sales and promotion permits to promote virtual assets per se in the absence of clear legislation on the matter.”
According to the DTI, the plan would be overseen by the central bank of the nation, which as of yet has not issued any official guidelines or regulations for the usage or selling of cryptocurrencies in the Philippines. Any businesses or service providers engaging in marketing or sales initiatives related to financial products would fall under this category.