On November 28, The Philippines Securities and Exchange Commission (SEC) issued an advisory against the global cryptocurrency exchange Binance, accusing it of operating without proper authorization in the Philippines. Ultimately, the SEC will collaborate with the National Telecommunications Commission (NTC) to block access to the exchange’s website and other web pages.

This ban on Binance and other unregistered exchanges is set to be enforced within three months following the advisory’s issuance. Originally, a one-month recommendation was made, but SEC head Kelvin Lee opted to extend the timeframe to accommodate the Christmas season and minimize inconvenience for Filipino investors.

On March 25, 2024, the SEC reinforced their stance to block Binance from the Philippines, advising that the exchange “poses a threat to the security of the funds of investing Filipinos”. A formal request to block the exchange in the country was made to the NTC early this month. While no formal deadline was announced, netizens speculate that the ban may happen in the coming days or weeks, since it is not the first time the SEC has decided to block an unregistered platform.

What will happen next?

If the ban goes through, it could make it difficult for Filipinos to use Binance to buy and sell cryptocurrency. Binance is a major global exchange, so a ban would prevent Filipinos from easily accessing a wide range of cryptocurrencies and trading pairs. This could hinder cryptocurrency adoption in the Philippines and possibly delay the country’s development in this area.

Being used to using Binance’s platform and averse to exploring lesser-known cryptocurrency exchanges, some Filipinos might try using VPNs to access Binance. However, this is known to be risky, as VPNs can be unreliable, and some violate the terms of service for financial platforms. Thus, Filipino investors face even more financial and cybersecurity risks.

As the ban becomes increasingly imminent, Filipinos will find themselves with limited options: either exit the Web3 space entirely or seek alternatives to Binance.

Centralized Alternatives

Speaking of alternatives, here are some options that Filipinos may consider if thinking of where to transfer their funds or which exchange to use instead.

1. Coins.ph

Coins.ph is a crypto exchange and wallet based in the Philippines with over 16 million users. Established in 2014, Coins.ph allows users to buy and sell a variety of cryptocurrencies directly through its mobile app.

Coins.ph recently launched Coins Pro, a new trading platform that serves as a marketplace for customers to buy and sell cryptocurrencies using PHP (Philippine Peso) at their desired prices.

2. PDAX

The Philippine Digital Asset Exchange, or PDAX, is the leading homegrown cryptocurrency exchange in the Philippines. It is available both as a web-based and mobile app. PDAX allows users to buy and sell a variety of cryptocurrencies, including popular ones like Bitcoin, Ethereum, and XRP, directly with the Philippine Peso (PHP).

PDAX is regulated and licensed by the Bangko Sentral ng Pilipinas, ensuring consumer protection and security for transactions.

Here’s a short guide on how to use PDAX: How to Create a PDAX Account

3. OKX

OKX is a globally recognized cryptocurrency exchange that ranks among the top 20 exchanges worldwide. It is known for its extensive support for a wide variety of coins and tokens. Offering native crypto exchange and NFT marketplace integration, OKX makes it easy to send, receive, swap, and manage your digital assets—all within a single app.

Users can easily create an account through their web or mobile browser or download the OKX app.

Here’s a short guide on how to use OKX: How to Use OKX

4. Bitget

Bitget is a cryptocurrency and crypto derivatives exchange with over 20 million users in over 100 countries and regions. It supports Bitcoin, Ethereum, and 500+ altcoins. Bitget offers both spot and futures trading and lets traders enjoy up to 125x leverage.

You can get started by setting up your own Bitget account here.

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Decentralized Alternatives

Rather than hopping from one centralized platform to another, another path is to dive deeper into the so-called crypto rabbit hole of decentralized finance and self-custodial cryptocurrency wallets. The following alternatives are considered the top cryptocurrency hot wallets where you can hold multiple cryptocurrencies. These wallets have both mobile and desktop versions.

1. Trust Wallet

Founded in 2017, Trust Wallet aims to become the standard of trust in Web3. With more than 70 million users, Trust wallet continues to build an open and decentralized hub for everyone. As a non-custodial mobile cryptocurrency wallet, it empowers users to oversee and safeguard their digital assets efficiently.

Here’s a step-by-step guide to creating your Trust Wallet account: How to create a Trust Wallet

2. MetaMask

Created in 2016 by ConsenSys, MetaMask was initially a browser extension that acts as a digital wallet that allows users to interact with different decentralized applications (dApps), and cryptocurrencies.

Here’s a step-by-step guide on how to create a MetaMask wallet: How to create a MetaMask Wallet

3. Phantom Wallet

Since 2021, Phantom has rapidly grown from a browser extension that interacts with the Solana blockchain to a multi-chain cryptocurrency wallet application.  

See this guide for more info: How to create a Phantom wallet

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What If You Can't Access Your Binance Account?

If you still have funds in Binance, then it's best to act fast and transfer them to other wallets as soon as you can. But if you can't access your Binance account, like several users have reported, here's what you can do to temporarily regain access to your funds:

Use a DNS resolver (also known as recursive DNS or a DNS recursor) to connect your computer to the global DNS server instead of the local ones. DNS stands for Domain Name Server, and in case you aren't familiar with the term, it acts like a database matching website domain names with their IP addresses. It's what allows internet users to access websites by looking up the website's URL instead of having to type out the exact number combination of the site's IP address. DNS servers can be either local or global, and if a site is blocked from local servers, it may still be accessed via connecting to the global DNS.

Free Public DNS Servers include:

Google: 8.8.8.8. and 8.8.4.4.

Cloudflare: 1.1.1.1. and 1.0.0.1. You can download the 1.1.1.1. app for easy setup.

Disclaimer: The information provided here is intended for general informational purposes only and does not constitute legal advice. Users are responsible for ensuring that their actions are in compliance with local laws and the terms of service of their internet service provider and any accessed websites. The provider of this information does not endorse or encourage any actions that may violate legal or regulatory requirements.

Embracing a New Path Forward

As former Binance users navigate these uncharted waters, they may find themselves overwhelmed by the multitude of options available to them, each with its own set of advantages and disadvantages. In such circumstances, educating oneself with the necessary knowledge about how each platform operates is a must.

Additionally, having a supportive community to lean on can significantly ease the transition process. Communities like Bitskwela and Crypto Pinas play a pivotal role in providing education and guidance to users on various aspects of cryptocurrencies, blockchain, NFTs, DeFi, RWAs, and other Web3 technologies, aiming to facilitate understanding among stakeholders, including users and regulators, and drive innovation forward in the Philippines.

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