Filipino Traders Protest on High Trading Fees Following Binance Departure

Following the suspension of Binance operations in the Philippines, the local traders are forced to trade with the regulated entities in the region. In an interview with the local news site, the Filipo investors complained that the absence of Binance in the area has subjected them to unfriendly environments.

Unlike Binance, the local exchanges charged high trading fees, undermining the investor’s ability to generate a considerable profit. During the interview, the Filipino investors lamented that some crypto assets were unavailable on local exchanges. This implies that Binance’s departure from the Philippine markets has directly affected the traders in the region.

Binance Ban Exposes Filipino Traders to High Trading Fees

In December last year, the Securities and Exchange Commission (SEC) in the Philippines issued an interim order to ban Binance’s operation for the next 90 days. The SEC stated that Binance operated as an unregistered entity and violated the country’s laws.

The regulators claimed that Binance’s operation in the region threatened the public. Citing the risk related to the operation of non-compliant firms, the Philippine National Telecommunication Commission (NTC) instructed the local internet providers to restrict the operation of Binance.

The NTC and SEC enforcement action against Binance aimed at promoting consumer protection. In April, the SEC ordered Google and Apple to remove the controversial crypto exchange from its marketplace.

The restrictive measures imposed by the Philippine regulators forced Binance to exit the Asian country. Upon contacting the locals to enquire about their experience after the departure of Binance in the Philippines, some expressed mixed thoughts.

Binance Exits Philippine Market Due to Regulatory Pressure

A statement from the chief executive of Pouch, Ethan Rose, revealed that the ban on Binance shielded Filipino investors from exploitative activities. The executive supported the regulatory action against the Binance’s operation in the Philippines.

Reflecting on the legal charges facing the former chief executive of Binance, Changpeng ‘CZ’ Zhao Rose restated that the crypto exchange ban protects Filipino traders from engaging in unlawful activities.

The CEO added that Binance’s departure from the Philippine market was beneficial to the local exchanges. Rose anticipates that with the absence of Binance, the Philippine economy will thrive since most of the business will involve the local exchanges.

The executive noted the ban on foreign exchanges such as Binance in the Philippines promoted the growth of local exchanges. Even though the ban on Binance was beneficial, Rose expects the trading fees to surge.

Rose admitted that it was inevitable for the Philipines to face a trade-off after Binance left the market. The executive explained that the buying and selling crypto assets with local exchanges subject the traders to higher fees.

Filipino Investors Reacts to Binance Ban

Also, Rose expects the departure of Binance to affect the listing of some digital assets on local trading platforms. Irrespective of this, Rose believes Binance’s departure was more beneficial than the disadvantages.

In support of Rose’s remarks, the chief executive of Global Miranda Miner Group, Arlone Polo Abello, argued that the Philippine Binance ban mirrors the enforcement action by the US SEC on crypto exchanges.

The executive noted that the US SEC demanded crypto exchanges register with relevant authorities.  Abello stated that even though the Binance ban will have a “chilling effect” on Filipino traders, it was important for the regulators to take this decisive action.

Having been holding talks with local traders concerning the Binance operations in the Philippines, Abello noted the embattled crypto exchange failed to respond to or comment on requests from the public.

The executive observed that Binance failed to disclose its compliance status to the Filipino traders. Elsewhere, the chief executive of Moneybees, Jay Ricky Villarante, supported the ban on Binance in the Philippines.

The CEO highlighted the need for exchange to comply with the regulatory requirements. He encouraged the key stakeholders, including investors, regulators, and crypto exchanges, to abide by the law for legitimacy purposes.

Villarante argued that the Binance ban in the Philippines played an important role in restoring regulatory clarity in the region. This implies that the Binance ban demonstrated the accepted and unaccepted conduct in the Philippine crypto market.

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