The Philippine Securities and Exchange Commission’s ban on Binance will take effect three months from November 29

Philippine Securities and Exchange Commission (SEC) Chairman Kelvin Lee clarified during a panel meeting on December 13 that the ban on Binance will take effect three months after the recommendation is issued. Lee reportedly said there was a lot of confusion in the industry about the ban after the regulator issued an unlicensed operating advisory to Binance on November 28. He was asked to clarify the matter and said the ban "should come into effect three months from the date of issuance". It is reported that the ban was issued on November 29. (Cointelegraph) Previously, on November 29, according to an official statement, the Philippine Securities and Exchange Commission (SEC) stated that Binance was not registered as a company in the Philippines and was operating without the necessary licenses or authorizations.