Binance is one of the most used exchanges not only in the Philippines but in the entire world.
No surprises though — as Binance is one of the most feature-packed exchanges with the best user experience.
Unfortunately, there have been rumors that Binance will be banned in the Philippines because of some lack of regulatory requirements.
Will Binance be banned in the Philippines? 😵
While Philippine Securities and Exchange Commission personnel said that Binance will be banned, we’re still yet to get final confirmation because as far as we know, there still isn’t a court order for the supposed ban.
In the end, time will tell.
Some scenarios
- Best case(slightly likely): The ‘ban’ gets delayed, Binance complies to the SEC’s government requirements sometime in the future, then Binance continues operations normally.
- Base case(most likely): Binance does get banned temporarily, Binance halts trading for Philippine accounts, but you will be able to withdraw your funds normally. After Binance finishes and submits all requirements to the SEC, Binance will then re-open to the Philippines.
- Worst case(unlikely): Binance gets shut down permanently. With a slight chance of people having troubles getting their money out of Binance.
Can I use a VPN/VPS/proxy if Binance gets banned? 🤔
If Binance does get banned, chances are, they will be locking up accounts that has been created with Philippine IP addresses, and with accounts that have submitted Philippine identification documents for AML/KYC.
So, no. Unless you’re residing in a different country, VPNs/VPSs/proxies would be useless if Binance does get banned.
What’s a good Binance alternative?
While Philippine users have access to the likes of GCash’s GCrypto and Coins.ph, we highly recommend Bybit instead.
If you’re used to using Binance, Bybit is the closest exchange in terms of user experience and user experience — with Bybit having the core Binance features such as trading, derivatives, earning(through staking), and the widely-used P2P feature(for converting crypto to Philippine Peso(PHP).
Final thoughts ✅
Whether Binance will get banned or not, just to be safe, better take your funds out to not have trouble accessing your funds if it does end up getting banned.
