Philippines SEC: Ban on Binance will take effect three months after announcement

Kelvin Lee, chairman of the Philippine Securities and Exchange Commission, clarified at a panel discussion on December 13 that the ban on Binance will take effect three months after the announcement is made. The Philippine regulatory agency issued a warning to Binance for operating without a license on November 28. In addition to Binance, Lee also said that OctaFX and MiTrade, two exchanges recently warned for unregistered operations, will also face a ban after three months.
The local securities association said that they have a "considerable" list of unregistered exchanges that will gradually come to light. However, after seeing the action taken against Binance, they are also taking a "wait-and-see" attitude towards whether these exchanges are registered.