The Philippines Securities and Exchange Commission warned in November that the company was operating in the country without the necessary licenses.
Philippines Rules Out Blockchain for Wholesale CBDC Seen Likely by 2026: Report
The country’s central bank does not plan on issuing a retail version of the digital currency.
Philippines SEC begins Binance ban countdown
The head of the Philippines SEC clarified that Binance and any other unregistered exchange issued with an advisory has three months before they are banned from the country.
Coinbase Introduces New Features For Global Remittances
Coinbase, an American-based cryptocurrency exchange, has revealed its latest wallet features for transferring money internationally without going through the traditional hurdles.
Significance Of Coinbase New Transfer Features
On Tuesday, Coinbase announced its latest feature for its wallet to simplify and hasten global money transfers. The new feature is presented as a user-friendly procedure.
According to the crypto firm, the new initiative is described as “Send money with a link.” Within the Coinbase Wallet, users can generate a link to distribute via their favorite social media platforms.
However, the exchange noted that the wallet must be owned by both the receiver and the sender of the money. Furthermore, users who do not have the wallet, when emailed a link, will be prompted to download it from Apple or Android app stores.
The crypto company further asserted the safety of the new initiative. Coinbase noted that failure to retrieve sent funds within weeks will automatically send the money back to the sender. The company stated:
When your recipient clicks the shared link, it’ll take them into the Coinbase Wallet app to claim or direct them to download the Coinbase Wallet app on iOS or Android and create a new wallet in just 1-click. It’s that simple. And if the funds are not claimed within 2 weeks, they will automatically be returned to the sender.
Coinbase has highlighted several situations where this new feature is “very efficient and helpful.” These include paying off debts with friends, giving last-minute gifts, and tipping tour guides and other service providers.
In addition, the feature sparks a swift money-sending procedure. This eliminates downloading different apps or sorting through many usernames and profiles. Furthermore, the crypto firm asserted that the new feature is vital for people in high-inflation economies.
Latest Feature To Eliminate Payment Irregularities
The procedure eliminates the expenses and complications of using traditional methods to send money globally. Traditionally, sending money globally has required sifting through a complex web of bank account and routing details.
In addition, these transactions take longer to process, mostly up to five working days. However, the Coinbase wallet boasts instantaneous settlement and zero-fee transactions.
Coinbase wallet is supported by over 170 countries worldwide and is available in 20 languages. This guarantees the ability to send and receive money virtually anywhere.
Furthermore, it currently supports local fiat onramps from more than 130 countries. These include top payment processors like Pix in Brazil, Instant P2P Bank in Nigeria, and GCash in the Philippines.
Philippines Security Regulator Warns Binance Is Operating Without a License
The regulator is also seeking to have the platform blocked in the country.
Binance operates without license in Philippines, regulator says
According to the Philippines SEC, entities involved in promoting or trading on Binance could face up to 21 years of imprisonment and $90,000 penalties.
Philippines to Sell Tokenized Treasury Bond Next Week
The Bureau of the Treasury has set a minimum target of 10 billion pesos.
Philippines to sell $179M in tokenized treasury bonds for the first time
Real-world asset tokenization as a concept has existed for some time. However, in 2023, with the growing interest of institutions, various governments have started experimenting with the idea.
USDC issuer partners with Philippines exchange to promote stablecoin
18 million users of Coins.ph are expected to receive a faster, lower-cost and more accessible remittance option as a result of the new partnership with Circle.
Hong Kong to tighten crypto regulation, Thailand to tax crypto overseas: Law Decoded
While Thai regulators aim to tax crypto earned overseas, Brazilian lawmakers seek to protect it from seizure.
Axie Infinity’s play-to-earn ‘scheme’ alarms Phillippine National Police
Playing crypto games can be riskier than investing in cryptocurrencies, according to the Filipino ACG, considering the ease with which gamers can lose their digital tokens and NFTs.
Digital Dollar Project completes CBDC retail remittance pilot with Western Union
The project simulated transfers to customers of BDO Unibank in the Philippines with improved settlement time, cost and transparency.
The Philippines delays publishing crypto framework
Despite a tumultuous year, the Philippines’ financial regulator decided not to rush a legal framework on the crypto industry, which was initially planned for late 2022.
Philippines SEC says Gemini Derivatives is unregistered securities product
Gemini Derivatives is available on the exchange’s new Foundation platform, but those selling or promoting it in the Philippines face fines and long imprisonment.
Coinbase remains ‘100% committed’ to US market: Armstrong
The Coinbase CEO has a lot of faith in Congress in making a “clear rule book” for crypto firms to follow. But the SEC? Not so much.
Zebedee Debuts Global Payment Service Powered by Bitcoin’s Lightning Network
The service is currently available in the U.S., UK, EU, Brazil and the Philippines, but Zebedee plans on expanding the service to accommodate “all countries and currencies across the world.”
Bitcoin Lightning Network growth is organic, coming from real-world adoption
Bitcoin Lightning Network adoption receives a boost with the launch of USD payments and decentralized social media platform, Nostr.
Philippines securities regulator seeks more authority to police the crypto industry
The Filipino securities regulator is moving to enact tighter rules on crypto, crypto companies and other financial products using blockchain technology.
Union Bank of the Philippines launches Bitcoin and Ethereum trading
UnionBank, one of the largest universal banks in the Philippines, debuts cryptocurrency trading via a partnership with a Swiss crypto firm.
SEC Philippines to investigate Binance over alleged illegal operations
A think tank in the Philippines doesn’t give up on efforts to ban Binance, now claiming that the crypto exchange has been operating illegally in the country.