With the recent updates on Binance that it needs to comply to permits in order to operate in the Philippines, a lot of speculations have surfaced.
First is that users can still use VPN on their computer or their mobile device if Binance will not be able to secure their permit within 3 months.
For me, it's all okay if you have a great VPN subscriptions but if it something free and it may be detected by authorities, your funds/crypto maybe at risk.
Second, I think Binance and it's team are in a hurry to comply the soonest.
Why, because the more days that they are not able to secure the permit, their users/traders will more likely to transfer funds to other exchanges.
Third, Binance has plead guilty in the USA and is bound to pay $4B that is why I think they are securing the permit here in Philippines at all cost.
Also, the more days that they are not operating in the Philippines the more losses they will incur. I also don't think that under the table is necessary anymore to fast track the situation, beacuse when they are able to secure the permit to operate, the Gov't and the Internal Revenue will more likely to come after them for taxes.
It is for the period that they are operating here in the Philippines without the necessary documents.
Then lastly, is it safe to transfer funds to other exchanges?
I think the answer is yes and no.
Yes because you can safely transfer your funds to the other exchanges and be able to trade right away but I am thinking that SEC will also look into these other exchanges on their permits if they have secured it or not.
No as well beacuse you also need to check on all exchanges, we have heard news that some exchanges have been hacked and all that is why is necessary to have a secured hardware wallet.
In addition, all of the info stated above are just my own opinion on the matter with regards to the on goin issue with Binance Operations in the Philippines.
Feel free to comment you thoughts and let's have an open discussions to this matter.
