The attempt to ban Binance from operating in the Philippines will not see fruition due to a lack of regulations towards cryptocurrencies in the country.
The Philippines’ Department of Trade and Industry has cited no clear guidelines set out by the country’s central bank, as a dead stop after a lobbying group called for the ban of Binance.
Local think tank Infrawatch PH had asked the DTI to investigate Binance for the promotion of its services and offerings, which the group believes was done without the necessary permits.
DTI is unable to enforce any ruling against Binance from operating in the country, according to their latest correspondence with Infrawatch PH. As reported , the department cited a lack of legislation for virtual assets has created a gray area
The DTI noted that the proposal would fall under the auspices of the country’s central bank, which has not released any official guidelines or regulations for the use or sale of cryptocurrencies in the Philippines to date.
