The Philippines’ securities regulator continues its push to curb unlicensed crypto activity in the country. The National Telecommunications Commission (NTC) has blocked the websites of two exchanges, MiTrade and OctaFX, after determining they were operating without the proper licenses.
According to local reports, major internet providers have started restricting access to the trading platforms this week. The NTC took action at the request of the Securities and Exchange Commission (SEC), which aims to prevent investment scams and protect local investors.
SEC Chairperson Emilio Aquino expressed support for the crackdown, saying joint efforts with the NTC will help safeguard the public from “predatory financial schemes.” Both agencies pledged to collaborate on addressing other unregistered platforms.
While MiTrade and OctaFX now face blocks, the much larger Binance exchange remains available in the Philippines for now. The SEC originally warned a ban was coming for Binance within three months unless it obtained a license. However, regulators have delayed implementing that restriction as they evaluate potential consequences.
