Paolo Ong, an SEC officer, stated that consumers had been granted three months, with an additional extension, to enable them to remove their funds from the exchange.

As the Philippines Securities and Exchange Commission (SEC) bans cryptocurrency exchange Binance from operating in the nation, users who are unable to access their assets in a timely manner are on their own.

The head of the SEC's PhiliFintech Innovation Office, Paolo Ong, stated in a local news article that the agency was unable to support strategies for getting money back after the nation's internet service providers (ISPs) blocked Binance.

In order to give investors ample time to withdraw their money from the exchange, Ong stated that the regulator has already issued a three-month warning and prolonged the period until the suspension is put into effect.

Within the allotted period, the official hoped that investors would have already moved their money to their wallets or to a nearby exchange.

When queried about the fate of users unable to withdraw their funds in time, Ong stated that they do not have any suggested means for users to reclaim their money. He said:

“Unfortunately, we can’t endorse any method on how to take out their money now that the blocking order is out.“

On March 25, the National Telecommunications Commission (NTC) ordered internet service providers (ISPs) in the country to immediately block access to Binance. The NTC gave local ISPs five days to complete the order.

When asked why the exchange is still somewhat accessible in the country even after the notice, Ong said they are still working to implement the ban fully.

At a press conference in Manila on June 8, 2022, former Binance CEO Changpeng Zhao stated that the exchange was applying for licences in the nation.

Ong did point out that the exchange did not submit any applications to the SEC to formally register in the nation. Ong stated:

"There isn't an official or formal application to register here in the Philippines as far as the SEC is concerned."

In the interview, the person also mentioned that the SEC has sent multiple warnings to the public prior to implementing a prohibition. The SEC issued a notice in 2022 cautioning people against making investments in Binance. According to the regulation, the exchange is neither authorised or licenced to request investments within the nation.