Binance Bans Cards, Says Philippine Department of Commerce and Industry

Philippines Ministry of Commerce and Industry Rejects Proposal to Ban Binance, Citing Lack of Regulatory Stance on Crypto -currencies from the central bank. New

A proposal to ban global cryptocurrency exchange Binance from operating in the Philippines will not gain traction due to a lack of cryptocurrency regulation in the country.

The Philippines' Department of Commerce and Industry (DTI) did not cite any clear guidelines set by the country's central bank, Banko Sentral ng Pilipinas (BSP), as a standstill after a group of pressure called for Binance to be banned in early July.

Local think tank Infrawatch PH had asked the DTI to investigate Binance for promoting its services and offers, which the group claims was done without the necessary permissions.

Binance had sought to acquiesce to the parties involved, telling Cointelegraph that it intended to obtain virtual asset service provider and e-money issuer licenses in the Philippines.

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However, DTI is unable to enforce a ruling prohibiting Binance from operating in the country, according to their latest correspondence with Infrawatch PH. As reported by Forkast, the department cited a lack...