I've seen the interview of SEC rep decision on why they ban Binance and soon on eToro di man lang ayos pagkaka reason out kung bakit may Ban, nauutal pa and it seems it will also happen to GoTrade and IBKR.
Plano ko sana mag invest this year for long term and now nagugulohan ako kung san na pwde mag invest for long term.
Help huhuhu.
You are right. Pa pogi points uli PH para di ma black list.
It'll have more implications for the general population if the PHL goes into the blacklist (e.g remittances, foreign deposits, others). So they're doing all batshit means to make sure that we won't join NoKor, Iran, and Myanmar.
Finally! A thread like this discussing the impact of allowing these platforms to operate in the ph because of Money Laundering! Most people thought it was just to milk the platforms for money. Most people don't know how severe the risks AML can bring.
Doesn't the KYC prevent this? Before you can create an account in Binance they require an on the spot pic and a valid ID. But, well I think that can be easily bypassed by buying a poor person's identity, but that as well can be applied to other exchanges/bank. So I don't think this is helping. It will just affect the normal people and not the launderers.
yeah money laundering can cause a lot of shit and ang ma affected ng grabe dito is regular people like me.
I won’t be surprised if the list gets long since Marcos put a deadline of October 2024 for us to get out of the grey list
That makes way more sense. I was thinking that maybe it was to protect people from losing their money from speculating/gambling on manipulated currencies.
This is not about the FATF greylist. This is actually more on SEC favoring local platforms over foreign competition. Spreads are very small for foreign platforms but are very high for local platforms.
In short pera pera lang yan.
From link:
"The most challenging action item is terrorism financing prosecution. We need to file more terrorism financing cases,"
Daming mga CPP-NPA nasa Kongreso ang yayaman bakit di masampolan?
Wow a red-tagger spotted.
Wow. Terrorist-synpathizer spotted.
The more you try to cover them up and deny their existence, the more you enable terrorism in the Philippines.
Nqgbubulagbulagan ka talaga sa mga NPA-linked partylist representatives sa kongreso?
Hah
kung linked man ako sa terorista, di ko aaminin directly/publicly para patago ako kumilos.
Yes sir matic na yan. Covert ops. Pero yung yumaong leader na nila nag out sa kanila. May viral na video recording pa nga na pine-flex nya isa-isa yung mga party members nila.
If I have the option between:
Getting Binance and other trading platforms banned in the Philippines
Or file terrorism financing cases against these CPP-NPA members in Congress
I'd not hesitate to point my fingers to these politicians.
or para lang mas maraming lumipat sa coins and pdax haha
This is actually true. Bakit ang daming downvotes? Mahina ang support for retail investors dito sa Pinas. Iiyak ka sa di makaturangang spreads. Remember the RCBC Capital scandal. Ang daming nawalan ng pera dun.
Mukang maraming gumagamit ng coins and pdax dito na walang alam sa crypto hahahaha di nila alam kung gaano ka mura sa binance
hmmm bold statement pero agree naman na mura talaga si binance. pero ask ko lang from the recent news about sa banning ni binance sa ph, saan ka nag transfer? pdax din kase nababasa ko usually kaso 50/50 pa ako sa kanila bc of high spreads and fees. have u tried them ba?
Binance pa din. I only tried coins when I deposit crypto sa binance kapag masyadong mataas palitan ng p2p sa binance. Sometimes sa gate io
ay really? u can still access binance pala? ah so for local cex, coins pa lang talaga natry mo?
Nope di pa. Siguro last resort ko na sila gagamitin.
Natumpok mo!
You should ask Binance why are they not complying with the rules set by the country.
Medyo hindi ok yung plan nila when they entered the PH. I know people hired by Binance parang contractor basis lang nga ata eh. They didn't last long lalo na after this SEC ban.
It’s not that they don’t comply with the rules set by the country. Binance is not licensed or registered to operate in the Philippines. This is very common with most of the globally-recognized DEX or other trading platforms.
It will be very hard for these platforms to be licensed or to ‘tailor-fit’ with the requirements of financial regulators of each countries they are operating. It’ll be harder to operate globally.
The same is the reason why these platforms, most of the time, are only licensed to few countries as a proof they are operating legally.
Doesn’t matter that it’s hard. If an organisation wants the business from a country it’s their job to comply with those laws.
Because ph market is miniscule and negligible.
Edit: idiots.
I personally know that binance already engaged the services of a big law firm in the philippines years ago. They wanted to know about regulatory matters in the ph. Perhaps it wasnt worth their time to comply.
Not really a justification for not complying with Philippine laws. This is the same thinking why some Filipinos don't obey the simplest of rules like littering and jaywalking. Filipinos "easily" disregard the consequences.
Not really a justification for not complying with Philippine laws.
Not saying it is. Just saying they can't be bothered.
chicken and egg question-ish.
They don't see a chance that with them coming, they can upsize and make the market not negligible.
🤣
grey list tayo sa banking industry if ipapasok pa ang crypto money laundering, wala na finish na lol anyways the philippines cant afford getting blacklisted masisira lahat ng foreign investments dito saten
But Philippines has been placed on greylist because of bangladesh central bank hackers partnership with rcbc, the premier money laundering bank in SEA and POGOs. SEC crackdown on foreign brokers is happening because they are scared of capital flight and local fintech companies lobbying for it.
They need to register talaga. Been using it for a few years now at kakaiba talaga ang money laundering sa crypto kasi it’s basically untraceable. Atleast NTC ban lang and you can still use a vpn with a static ip. It’s just to show rin na they’re not liable for any losses you incur while using binance nor will they offer any help kasi it’s technically banned in our country.
Cash is untraceable, not digital assets.
crypto is one big shared ledger where every transaction has a record, how is it untraceable.
In a way it is untraceable, let's say cold wallets and Dex ang gamit for money laundering. After transacting destroy the cold wallet. - even if you trace... you're only left to trace the wallet but not the person who owns the wallet.
Sorry let’s just say it’s harder to trace.
No, it's actually easier because you can follow the transactions.
Criminals still prefer cash since you'll have zero chance to be detected unless it went through the banks.
You can trace the transaction but you can't exactly verify who made those transactions. The difficulty with crypto is translating digital tokens to legally binding tokens. Banks and other regulated AML entities have regulated standards to ensure and record updated identification of their clients and their respective digital tokens to allow laws to be applied on their owners. Unregistered VASPs don't do that, or they fall beyond our regulations and laws. There's no substitute right now to this administrative procedure; hence the need for registration and regulation.
There are privacy coins like Monero and tumbler/mixing services for those that aren't.
anonymous
Not anonymous. Pseudonymous is the right word.
This is true. Tapos kapag nagkaroon ng mga issues regarding crypto, biglang sisi yung karamihan na bakit walang ginawa yung BSP, SEC, or any government entities. Atleast they are doing something. Pogi points din internationally for them kasi they are showing na they are doing something regarding laundering dirty money.
One of the reason why I never invest in crypto kahit na kaya maginvest ng malaki and I can make a lot of money is because of the money laundering problem. I don't want to enable bad actors to siphon their money and support them. Aside sa shaky standing ng crypto in itself, its also an ethical issue.
How can you assume you can make lots of money when you dont invest- d mo pa nga nasubukan, nag assume k na agad na kikita ka....
Biglang sisi yung karamihan na bakit walang ginawa yung bsp, sec.. - what most people having as a sentiment is because of the ban, they say na walang license yung binance to operate in PH soil, yet sila mismo hindi nagiisue ng license due to the memorandum na walang iapprove. Dun pa lang alam mo n agad na walang solution sa problema.
Have you ever researched that the whole crypto was for decentralization, not governed by any authority... Tapos gusto mo yung sec/govt entities pumasok..
May pa ethical issue pa, as if PSE, stock markets walang market manipulation na nangyayari.
You obviously don’t understand crypto. Better research first then comeback here. You can research, most of the money laundering issues are being done in cash, not crypto.
May KYC ba ang crypto?
Let me ask you this time, may KYC ba when transacting using cash?
Are you stupid? We are talking about money laundering here. Not buying groceries. Do you even know the concept of money laundering and how it relates to the current topic?
Money laundering starts with dirty money. This is not just a few thousands or even a few millions of pesos. This is hundreds of millions/billions. You can't 'transact using cash' your way to clean this. Its impossible. You need volume. The simplest way for this is to have a country or a bank that can facilitate shady crypto transactions. They deposit cash in the bank, they buy crypto using the dirty cash from that shady bank, they sell crypto, then deposit the proceeds to a more reputable bank. Viola, clean money from 'crypto trading'. Since most steps are not traceable back to the originator except for the shady bank part at the beginning, no one can really track these things. There are more sophisticated ways to launder money via crypto, but that is the simplest one.
Are you saying that you can’t launder using cash? For real? That’s a stupid claim.
I can earn millions of dirty money and set up a “business” kuno and have those money processed thru my “business” to make it as a legitimate business earnings. Cash is untraceable. No one would know if there’s real customers or not. Hello.
inang straw man fallacy yan lol. gagawa gawa ka ng sarili mong argument na aatakihin mo. E ikaw nagsabi niyan e. You're putting words in my mouth lol. Siguro yung edad mo, IQ mo din.
Yung sinabi mo na 'business'. standard way yan. Everybody knows that. Edi try mo mag launder ng ganyan. Tignan natin kung kakayanin ng mga 'business' mo yung volume ng pera ng mga drug cartels at human traffickers. You clearly don't know shit.
Malamang cash is untraceable in its basic form. Pero kung pambibili mo ng ferrari at lambo tapos papagawa ka ng mansion tapos bibili ka ng hacienda gamit yung dirty money, baka walang makapansin, no?
Tska anong real customers or not. May averages yan per business. Magtayo ka sari sari store tapos millions yung profits mo? Aba makikita ka talaga ng gobyerno at opisyales. Do you even know how hard it is to setup a business? It would take months at the most. Tapos yung mapapadaan mo lang din dapat hindi masyado malaki kasi kapag sobra, bibisitahin ka for sure. Continuous ang flow ng pera, think of it like a pipe sa plumbing. Every time nadadagdagan yung tubig, dapat kung gaano kadaming tubig yung pumapasok, more or less ganon din kadami yung nilalabas mo. Akala mo ba walang nagmomonitor ng mga ganyan?
Tska taxable ang income sa business. E yung expenses mo pa setting up and operating yung businesses?
If you do crypto, tax free. Walang operating cost.
Napakabasic isipin na derived from first principles, di pa magawang isipin.
Yes, crooks use banks with their accounts and financial products but it is highly regulated and monitored.
Just face it, crypto is used and widely used by crooks. Its mostly unregulated. You're being a part of that crooked system without even knowing it(or choosing not to know) because you're greedy.
Binance? Absolutely. I did identity and proof of address verification. I thought you know about crypto na you “can make a lot of money” and these exchanges, why are you asking?
Do all crypto traders go through Binance? Do all crypto traders go through KYC? Im asking in the hopes na you realize how stupid your previous statement is. I work/ed in big banks across SEA. I’m in IT. I understand plenty enough about crypto. You obviously make hasty assumptions.
What’s the topic here? Binance is it?
Yes, not all crypto traders go through Binance but obviously, you can’t sell your crypto on most exchanges (eg. Binance, Bybit) without completing KYC. What are you going to do with that?
I don’t care if you are working in big banks, etc. You clearly know very little. You are the one making hasty assumptions claiming “I can make a lot of money.. Aside sa shaky standing the crypto itself, it’s also an ethical issue”.
As if PSE isn’t and other money-leeching platforms in the PH.
The topic here is crypto being used as a way to launder dirty money. Don't get confused, okay? This might be too much for someone who knows little about the investment banking world.
You're the one who doesn't understand crypto and money laundering in general. You can sell crypto in various ways without exchanges. This is mainly the problem. The lack of regulations and tracking with decentralized systems. There are a lot of decentralized systems in the finance world, but they are being reported and monitored by officials. Blockchain tech by design cannot be directly regulated and monitored by officials.
Say shit about these regulatory bodies and governments, but they make the financial world safer. They have built a working system where almost everyone is accountable based from laws and rules.
Read again, from the very subject: ✨Binance ✨
Then explain how can you sell your crypto earnings without going through exchanges or other third-party who will most likely get your information.
Don’t put words into my mouth. Nowhere I said “shit about these regulatory bodies..”
You aren’t justifying yet how you can earn a lot of money in crypto though. I’d like to step back a bit.
Agreed. This is also why I don’t use the fiat system. So many people using business loopholes to launder money. And once you’ve gotten to a certain level of wealth, that’s when the traditional banking system starts becoming complicit in this marriage of corruption and greed
natawa naman ako dito hahaha. Kasi naman nagyabang na may pa ethical pa 🤣🤣
Lol
Just to clarify, crypto is traceable through blockchain transactions and harder to launder (possible but much harder and riskier).
Cash on the other hand is pretty easy.
depend on the coin you use like privacy token monero it's untraceable
Sorry let’s just say it’s harder to trace.
There are privacy coins like Monero and tumbler/mixing services for those that aren't.
A small business needs to register here in PH but you want companies that earn Billions not to register?
If you work in financial industry you know that money from these entities are untraceable especially Binance.
I love you na! I love this judgment! Simple registration and compliance, they won't and if they will, there will be investigations if their platform has been exploited for money laundering and terrorism financing. If malaman na guilty ang platform, they will be subject to legal actions na. I hope people would understand the severity of AML and TF.
Man imagine thousands of people transacting sa Binance how would they know if someone is doing money laundering?
All they can monitor is people trading their cryptos.
Put it in perspective, I am a criminal doing money laundering, do you think i would use my name/ID to KYC an acct in binance? Chances are i use a dummy/front - all transactions goes thru that acct. How will binance know that I'm money laundering/criminal?
Gov't doesnt share their list of people na wanted o kung ano man, if they did then imagine the number of countries transacting sa binance and cross reference all accts lng related dun sa mga tao na yun. - but then who wouldn't use a front/dummy kng criminal activity ang gagawin mo.
Next talk about cold wallets and Dex, - after the transaction destroy the cold wallet. Done untraceable, they can trace the wallet but then who owns it since wala na..
Idk if we have the means to check if the platform did violate any criminal activity.
Nope easier to track unless you use Monero
Companies like microsoft, netflix, facebook, SAP, airbnb, are earning billions of pesos from people in ph but they are not registered here and dont pay their taxes. Should PH government ban them as well?
Huy nasa financial industry ako at mas madali pa nga itrack sa blockchain yung flow ng funds dahil may specific wallet address
That specific wallet address is not regulated. Ever wonder why Crypto currencies are use to buy drugs and illegal stuff?
In the same cloth, a regulated bank account can be used to buy drugs and illegal stuff.
Yes makakagawa ka ng illegal pero dahil regulated, may magagawa ang gobyerno to address the illegal act unlike unregulated crypto.
You can tranfer funds just by knowing the wallet address regardless of binance using hard and soft wallets. Binance ban is ban against crypto trading plain and simple
May Coins.ph at PDAX naman so you can't say may ban on crypto trading
Mukhang hnd ka trader if you compare coins.ph and pdax with binance. Para mong pinag race ang bike vs F1
Panget ng analogy, walang matinong explanation and lahat ng sinabi mo na counter argument na. Tapos after ka makontra sasabihin mo hindi trader. While trading is limited in local CEXs, hindi mo madedeny na possible pa rin ang cryptocurrency trading l sa pinas. Saka may iba pa namang platforms that offers some if not all of binance’s features. Pano mo nasabing against crypto trading ang pag ban sa binance when in the first place sila yung hindi nagko comply sa terms ng Ph para maging licensed here? So sinasabi mo ba na para sa lower rates willing kang mamirata? Willing kang i risk safety ng pera mo? If so mag vpn ka na lang since NTC naman ang nag ban sa binance.
Sinasabi mo lang yan kasi binance lang alam mong platform at willing kang magtrade
Have you seen the spread sa local cex, if you would ban something working, better give an alternative on par or above service. Its ironic mentioning may other cex, ever wonder why binance waas singled out? May bybit, okx not as large pero hnd banned.
Dont talk to me about safety ng pera, we both know your money is not looking for safety in crypto. Do not kid yourself thinking PH govt is thinking of security and safety with binance ban
Be my guest and “trade” using coins.ph and pdax
Madali nga matrack pero bakit ayaw ng mga entities pa-subject sa jurisdiction ng Pilipinas. Para kaya sila maregulate ng government. Kung wala tinatago, no issue dapat ang pagsubmit sa regulatory powers ng Philippine government.
So ibig mo ba sabhin lahat ng nagsubmit sa regulatory powers ng PH govt walang tinatago? Or nareregulate ng PH govt yung mga tinatago?
Ang main selling point ng blockchain is to be unregulated tapos ilalagay mo sa regulation ng hnd nkakaintindi ng blockchain? Seems ironic to me
Yung issue naman ng crypto is money laundering. Ito yung reason bakit pinapa-stop ng SEC ang Binance and eToro. Blockchain can't address that with its "main selling point". Sino aasahan mo magtigil ng money laundering gamit crypto kung walang government intervention?
Kahit banned ang binance which is used for trading pwede pa rn magtransfer ng funds using wallet address lang so banning binance is banning crypto trading
Dami pa ibang platforms to trade in crypto.
ano mga ginagamit mo na alternative for binance? looking on gcrypto sana kaso parang ang panget ng system nila kase ang dami ko nababasang down system lagi e. have u tried them?
Bybit, Kucoin, PDAX a few. Working on opening coinbase account here pero may mga KYC pa ako need iprovide before macomplete process. Balitaan kita kapag goods din coinbase.
pdax? madalas ko nga rin siya nakikita. kamusta naman experience mo? parang lacking pa raw sila sa features in terms of trading e
They are not based in the Philippines
This is the correct answer.
Kalokohan SEC, pero pag OLA wala sila magawa
Etoro is already a legal entity in UK, US, Australia and Cyprus. None of them are in the grey list. It's already regulated by Cysec, Fincen, Asic, FCA. These countries have a more developed financial industry, more controls against money laundering and better security.
So I don't think that's the reason for them targeting Etoro.
My guess is that they're pushing for local platforms registered in the Philippines. And possibly there is political pressure or money involved with these local entities.
If Etoro can get targeted, I don't think the other foreign platforms are out of range. That includes IBKR etc.
The regulations of those countries only apply to funds that enter the territory where they're regulated. These firms can have other subsidiaries or correspondents elsewhere where they funnel the money first and launder before passing it to their legitimate front.
Requiring registration usually includes maintaining records and disclosing the following periodically and upon instruction to the regulator: 1. Corporate owners and structure (who makes the calls and we can legally pursue them if they actively help launder money, if they have subs or affiliates that launder money for them by being unregulated or locating in territories with loose regulations) 2. Processes (how they legitimately conduct business and we know how to identify if there is internal fraud or breaches to SOPs) 3. Client records (who their clients are and they abide with standards of identification, ex. Is 1 ID ok? which ids are valid? How can they be contacted or served legal notices? If these aren't maintained properly, registered institutions can be closed by regulators and their assets can be frozen, etc.) 4. Transactional records (how funds are moved in the ledger; this is the only area where crypto, blockchain, or DLT shines) 5. Employee records (how employees are selected, compensated, authorized, disciplined, and how they can be brought to legal proceedings)
That's a possibility for all international companies. And foreign regulators and governing bodies would have been able to trace the money laundering if that were the case for eToro. They won't turn a blind eye to money laundering just because it happened in another country.
eToro accounts are also assigned to at least one of these legal entities. Which is under the jurisdiction of a corresponding regulator. So how does that escape regulatory oversight?
Are you suggesting that the Philippine regulators is superior in doing theses tasks?
Yes, it's a possibility for all international companies. Part of the FATF requirements is for local regulators to understand their AML risks which simply relying on regulators in other territories won't make up for. There will always be gaps in that reliance. Registration formalizes their coverage and helps local regulators comply; thus each jurisdiction establishes their own regulations with similar requirements to minimize overdependence.
Foreign regulators don't need to turn a blind eye. It's the other way around. They choose what they see in accordance to their laws and what constitutes as crime or laundering. There are certain crimes in other jurisdictions which the rest might not consider crime. Understanding each of this is very complicated, and if we rely on others we must understand each of their nuances. It's simpler if we establish strong regulations on our part and closing regulatory universe is very effective with our limited regulatory resources.
There are certain regulators which are inferior in doing these tasks like other nations in the gray list and those in the black list. There are a lot of risks that are not material in the US which the BSP is more on top of too. I can't say the same with SEC and IC though.
But US, UK and Australia are major countries with common requirements and these are not on the grey list. What laundering crimes are there in one of these countries that is not a crime in another? What are these gaps that you mention?
What additional risks are there in the Philippines that is not already handled by the requirements foreign regulatory bodies? Especially if accounts are held in the legal entities above. And how are these risks directly related to trading in apps such as eToro?
Because as it is, this ban can effect not only eToro, but extend to all foreign investment apps, even those that are used for stock compensation by foreign companies. What prevents it from even affecting the investments of expats or those who want to retire in the Philippines?
SEC registration has fees and requires being incorporated in the Philippines. This means manpower and resources dedicated for the Philippines. The Philippines is a developing economy which is trying to get foreign companies to build businesses within it, does the SEC expect a multinational company to just jump in?
If the requirement is for local regulators to understand their AML risks then was registration and incorporation of these foreign companies into the Philippines an actual requirement? Or was that an add on? And has the SEC reached out to these foreign companies?
As it is, the SEC seems to be causing problems for retail investors.
eToro is controlled from Israel. They don't have a license there yet and there's questions they still have to address on why incorporate in Israel when bulk of their market is elsewhere. It might be because they're owned by an Israeli, but due to the ongoing military activities in Israel, some countries are reviewing eToro's licenses as well.
eToro has publicly declared legal subsidiaries operating securities related transactions in the US, EU, AUS, but they might have other activities elsewhere. Since eToro is controlled from Israel, and US, EU, and AUS have more relaxed laws than Asian countries (incl. Ph) on subsidiary, affiliate, and group governance, their move will heavily depend on Israel's review of eToro. However, Israel also has lax laws on subsidiary, affiliate, and group governance. Subsidiary, affiliate, and group governance is tighter here due to our experience in 1983 (during the height of the Philippine Financial Crisis, some banks were restructured due to exploiting subsidiaries and affiliates) and 1998 (during the Asian Financial Crisis, brokerages and banks within financial groups had significant risk accumulation that required restructuring to prevent deeper collapse). Even advanced nations have gaps, hence why we had the Global Depression and the Great Recession. We were saved during the Global Depressions due to some of these regulations, but I'd agree that it also makes us less competitive.
eToro is targeted because it's ads have been circulating for far much longer, and I'm hearing that certain users have escalated their concerns to the SEC. Some are escalating the inaction of SEC too, and some politically influential people have been reached. eToro gamified some of their ads and some young people were allowed to register using their parents financial information. It's like GCash's entry to games of chances that drew attention of a radio icon-tuned senator.
eToro is not the first. Expect it won't be the last.
It's not the explicit requirement to register, but it's the most effective method. If the US requires it for those that operate in their borders, and they do it to ensure that players abide with their rules; why can't we? While it may seem that depending on the US can make it simpler for us and our regulators, but it actually makes things more complicated. We have different laws, standards, and needs. Our regulators operate on a law that provides it with a different mandate as the US SEC or FED. There are certain laws that prescribe certain regulations that might exist in the US but not here vice versa. There are certain procedures or assessments conducted by the SEC or FED that they don't provide sufficient technical notes for the Ph SEC or BSP to assess how to use locally. Instead of eliminating tasks for local regulators, dependence provides another layer of tasks.
It's not the SEC's responsibility to reach out. It's the foreign companies' job to reach out. We don't have problems with physical MNCs since they register before they operate locally, or they partner with a locally registered entity to make their products available. The problem is with digital MNCs. Since the end of the pandemic, countries across the world have moved towards securing their cyberspace, incl. digital transactions. Expect that it will be the norm for startups and other digital MNCs to be expected to perform similar compliance activities as physical MNCs.
It's not the SEC causing the problem. I think their regulation is sound for now. The problem is that locally registered players are not exciting and innovative enough, while those that are aren't registering. It's easy to pin the blame on government but the government shouldn't be taking business risks. These risks are born of capitalist pursuits and should be shouldered by investors not by tax payers.
You seem to be indicating problems or failures in the Philippine system that adds further proof of its inherent weakness compared to the foreign legal entities.
If I recall correctly, the 1983 financial crisis in the Philippines was caused by crony driven monopoly of Philippine companies as well as the high debt of the Philippines during the 2nd term of President Marcos. The very same monopolies that cause the lack of innovation and lower quality of services.
Israel is also a highly developed economy in west Asia. It has strong counter terrorism laws and in constant battle to eliminate terrorist organizations such as Hamas. It is also now a far better off country than the Philippines. It's legal subsidiaries are also in locations far better off than the Philippines right now . It also looks to me that the systemic and political issues you mentioned are isolated inside the Philippines instead of where the accounts of eToro are stored. These mandates to check off in a piece of paper rather than to actually stop money laundering. It also looks to me that it would be far more difficult to fund terrorists if funds gets inside eToro than if it was left outside in the Philippine money system.
Also, who are these politically influential people that you are mentioning? And has there been a check on those who escalated the platform to the SEC to ensure there is no conflict of interest?
Are you really expecting retail investors to be culprits in large money laundering scams? I would expect that more from politicians and large company owners.
It seems you are trying to antagonize retail investors. The SEC seems to be going on an ego trip that is costing retail investors money. You make it seem that investors and tax payers are separate entities, but a large proportion of those investors are tax payers that work night and day, avoiding unnecessary expenditures just to get ahead in life. Those investments could also funded by remittances by OFWs who are sending it to their families at home. And regulators don't like additional work?
As it is, the SEC looks like a failed institution that only pretends to help the people it is serving, but is instead kicking them to the curb. You mention changes in technology and how cyberspace is governed. But the SEC can't be bothered to make slight changes in its procedures and reach out to these companies. Looks like there is true that Binance was blindsided. I expect other foreign investment platforms are being blindsided as well.
eToro's adds also stopped years ago. I haven't even seen an ad in You tube. If it was an issue it should have been handled by the SEC then. Why raise it now, 3 to 4 years after? What changed?
Corruption, crony capitalism, dirty politics. It's easy to blame the government because a lot of these are inherent in the government and infect other parts of the country, even the economy. This makes it difficult for foreign businesses to want to invest in the Philippines. Also, if I recall correctly, one of the reasons the Philippines was placed in the grey list again in 2021 was because of casino junkets which proliferated in the previous administration. Wasn't that because the government wanted more money from casinos?
Now I understand why Wise became Wise Pilipinas
Pa explain naman, para sa mga tamad mag research tungkol dito, kagaya ko.
Wise Global created a Philippine subsidiary called Pilipinas to abide with Philippine regulations.
I think IBKR less likely to get banned by SEC as it is operating a traditional brokerage firm regulated by Philippine trade partners such as the US. Baka nga IBKR pa magban satin cause of the greylist tulad ng ginawa ng TD Ameritrade.
Binance and other crypto exchanges usually unregulated. Binance in 2013 pleaded guilty pa to mondey laundering charges.
eToro di ko alam why banned but AFAIK unregulated din siya.
but AFAIK unregulated din siya.
ng P.I. govt. In other sovereigns, it is regulated.
may habol ka ba kapag dinisable ng Binance, IKBR, GoTrade, eToro account mo?
SEC is trying to protect the general public from the platforms. Magregister sila dito kung gusto nila yung market.
Ang point naman ng crypto diba unregulated free from the government so wag-sisihin ang government kung mawala pera sa crypto.
Wala naman sumisisi sakanila SEC lang Ang nagpupumilit na baka ma scam pero Yung totoong scam, networking, pyramid at PCSO lotto tuloy Padin sa panloloko wala paki si SEC
Downvote me, but crypto is MLM / networking scam for men.
if you don't do your own research, MLM talaga yang crypto. Baka natutunan mo lang crypto from people who have agenda to recruit people.
But for us people who are serious in crypto and even develop apps within these ecosystems, it is not.
Baka yung mga shitcoins mo yan. Parang sinabi mo na rin na MLM / networking scam ang stock exchange. Magkaiba lang volatility nila.
Crypto MLM? Lol paano naging MLM Ang crypto oh well believe what you want to believe
SEC alloted time to withdraw positions.
Parang opposite namn ginawa ng SEC dito di lahat ng nag invest sa Binance nakikinig palagi sa news especially sa mga tao na nag invest for long term. May mga tao din mawawala pera nila pag na totally ban na talaga Binance at other international brokers. See the interview and how the SEC rep handles the question if they are genuine about protecting filipino investors
Seems need lang ng PR training ang SEC official.
I just watched the interview. He's as nervous as a fresh grad in their first job interview. Parang mas maalam pa yung news people sa risks and implications ng ban sa platforms. If this is the person leading this ban wave, its just like having the blind leading the blind.
Wait, what? SEC is planning to ban e-Toro? Just when I'm about to liquidate my PSE portfolio for the US stock market. 🫠
So, What will happen if you have funds on the platform that will be banned?
If someone didn't withdraw their funds on time, i guess it will float forever in the broker's system
binance transfer it to some other exchange na registered dito the. exit there. etoro you can withdraw to paypal and from paypal withdraw locally. just use a vpn for both
Honestly dko rin alam pinaka main reason pero yung common reason is yung regarding sa licensing daw? so if you're looking forward sa long term I suggest go for local cex na regulated na BSP and SEC.
Base doon sa interview, they're just implementing the law without thinking of true consequence. Occam's razor lang. The people who are appointed in SEC either has no "lagay" or they're just bunch of incompetent nincompoops.
They're not protecting investors. They're protecting their wallets that have zero benefit on people. Plain and simple. It's total inconvenience to investors like me.
Mababa tingin ko sa mga local na crypto exchanges, meron talaga jan mangangati ang kamay, and then walang accountability pag nagka problema, paantayin kapa ng ilang buwan kung ma resolve man
When the primary use of the currency is for money laundering and financing criminal activities you can expect pushback from regulators. Crazy right?
pagkaka reason out kung bakit may Ban,
The platform is/was used to launder money. A quick Google search will help.
🔥.
Nilabas ko na tuloy mga investments to dito
How about bybit?
wag naman sana maban imo eto na yung best alternative for binance :(
Yeah pero bat hindj ako maka withdraw? Hm ba fee?
Ohh not sure lang if hm pero easy to use din daw eh
Puro trading platform ang na mentioned mo. Lagay mo sa wallet. I use Ellipal.
Kaya lang naman gusto iban ni sec yan kase gusto nya may makuha sa binance sa sobrang laki kase ng kinikita nito sa trading hahaha
Part of me thinks they find it hard to place policies that will oversee the growth of crypto and these trading apps. These global fintech companies continue to evolve everytime and SEC cannot keep up.
No kickback, no entry
Nope, di talaga sila nagreregister kasi ang katwiran nila ay sa ibang lugar sila nagooperate so bakit nila need magregister sa PH. Nakailang sulat na sa Binance yang si SEC at BSP, wala talaga silang plan sumunod. Tigil na natin yung mindset na lahat ay nadadaan sa suhol.
Asan Yung sulat? Tigil mindset eh totoo naman wag kana
Which international brokers ba yung registered sa SEC ng Pinas?
Afaik, wala pa. Napapansin na sila kasi dumadami na nagiinvest outside PSE at crypto.
Wala naman talaga kasi hindi naman siya common practice. Afaik brokers only need to be registered where they are located, pa-importante lang yung SEC sa Pinas.
Kesyo consumer protection daw at kung sumusunod sa KYC pero alam naman natin na tax ang habol nila.
IBKR will never be banned by SEC PH
Big people in the government are using this platform.
Mark my words.
Okay na sana e. Kaso may "Mark my words" pa. Who you to mark your words. LOL
Careful he’s an “influential investor” GTFO
A lot of big politicians and influential people own vape companies pero na ban pa rin.
IBKR is not even the biggest platform for laundering or investment. Yun mga magdedecide talaga matagal ng may mechanism. Offshore pero onshore pa rin
Sandro uses Binance
Sandro Marcos is a nobody in terms of shaping national policies.
Agree lol, kung aalisin nila yan for sure wala silang access sa international stocks.
Private bankers
Big people in the government are using this platform.
That's good to hear, and not surprising given IBKR's reputation internationally.
Tangina di ko pa bawi losses ko sa Copy Trading at Crypto sa eToro. Kelan kaya ipapatupad yang ban na yan?
Pinoprotect ka ng SEC from more losses 😂
/s
pag nag ka problema ung binance and other platforms... iiyak nalang kayo tapos mag reklamo bakit hindi nag pa register.
Try to invest to Procap Phillipines, search it first para malaman, maigi SEC approved din sila, its good for long term investment, dun kasi kami nag invest ng asawa ko eh.
Scam
Your research will lead you to a decision by the SEC issuing a Cease and Desist Order on Procap on Feb. 7, 2024.
Will research on it, thank you po 😊
In my humble opinion, this is a government's diversionary tactic because Filipino people would tend to choose crypto over pag ibig mp2, sss, gsis etc as their investment. They'll just be lax on exchanges if they have a solid means on how to tax them and even the crypto.
will vpn still work if they are banned here?
It will work but it's not that safe ig
based on my research dahil siguro sa money laundering kaya ganun nangyari
Ayaw kasi nila yumaman mga pinoy bakit kung kelan mag bitcion halving syaka nila i baban? kasi tataas yung price, gusto nila ma force gumamit ng local trading platform para may share sila sa fee pero basura naman yung local platforms pag marami nag trade nagha-hang/ down yung system nila. Dapat nung sobrang down yung market at madaming scam coin way back around 2021-2022 dun sila kumilos kung gusto talaga nila ma "protect" pinoy investors.
They banned Binance because they can’t comply to our terms here on Ph so we can regulate them and give them license to operate here. Kaya nga tayo may local CEXs na backed ng govt.
Bakit hindi magawa ng BINANCE ang ginawa ng COIN.PH at PDAX. Kung itatakbo yung crypto nyu. Saan kayo iiyak? Sa SEC pa rin lol
Sa bagay, licensed sina PDAX so safe. Pero kawawa din kasi yung mga nakakaltasan daw ng fees. Dami pa daw issues kaya ang hirap mag transition to local CEX like them
we can't still say na safe pdax kahit licensed e hahahahaha their service is in question naman jusko
well you have a point hahaha aanhin nga ang license kung medyo tagilid ang service
totoo. kaya kahit regulated siya here sa ph, i opt to use other registered platform na lang e. ang dami rin kaseng kulang sa features nito ni pdax. di manlang makapag spot trading
Pwede ka naman mag invest tru banks' platforms.
Which bank provides access to the US stock market?
I don't know. If there's none, invest ka na lang sa PH stock market.
Basura naman PH stocks e halos insider trader lang yumayaman, villar stocks puro pump and dump.
Kung maka suggest ka naman hindi mo naman pala alam. They're talking about eToro, it's not used for PH stocks.
PH stock market
What a joke. Mas maganda pa yung output ng international compared dito.
Kasi pag sinabi ng US kailangan natin sundin. Ginagamit ata ng chinese and russia mag launder.
I have a feeling this has something to do with PH being in the grey list for money laundering. If we don’t comply, we will be downgraded to blacklist and that would make it hard to send remittances https://www.reuters.com/markets/asia/philippines-hopeful-exiting-global-money-laundering-grey-list-2024-01-02/