Access to Binance will blocked from Philippines in less than 3 months

35 comments

adamada2 years agoPeakD2 min read

We only have less than 3 months left to take out our positions on the platform. That's very considerate of them.

It started with this article

. Reading more about the subject, it turns how that SEC has been aware and news about advisories against Binance have been published in the past. A link to the official

against Binance from Philippine SEC.

Since Binance is the go to exchange to convert Hive to fiat here for Filipinos, the possibility of the site being blocked access from the general public will slow down mass adoption. It will slow progress but not stop it as there are already SEC licensed entities with the list found

. Other articles in the past cautioning against investing on Binance due to not being registered with the local SEC here and

This isn't a news reporting blog and most of the opposing reasons against the platform are nothing new when central authorities call for more regulations.

Binance is still competition and people will seek alternatives making the other lesser known options more viable. It's a slight inconvenience since there will be few more steps are added into the process of converting a user's earnings from the platform into fiat which adds more burden for onboarders to explain.

Long term Hive investors can frown upon users that frequently powerdown or shitpost their cash outs but it's ridiculous to think that everyone will be onboarded because they are in it for the tech and community. That's just how it is.

Something I'd be looking forward to is Hive token being listed on Coins.ph which puts the token more on the map with other popular tokens in the local scene.

A lot of Filipinos remain unbanked and financial literacy has yet to pick up pace with the changing times. It's far more common to know someone investing in crypto than the local stock exchange and I find this part weird but it is what it is.