CryptoPH Weekly News Roundup: May 6 – 12, 2024 | BitPinas

Last week, the Philippine Securities and Exchange Commission Chairman Emilio Aquino was asked by the media about the actions it did against Binance.

This is the weekly newsletter penned by BitPinas editor-in-chief Michael Mislos

The reporter appeared to be referring to the backlash the Commission has received ever since it began its crusade vs Binance. BitPinas has a timeline about this on the website, but the recent action: it requested Apple and Google to remove Binance in the App Store.

This announcement appeared to be the one thing that would compel Binance to send an email to its users in the Philippines, stating that accessibility problems (e.g. the website restriction) “is only temporary.”

Going back, Aquino candidly answered that the SEC is just doing its job.

“I know there are still some investors who we are not even stopping because they’re going to it via virtual private networks. They still can. But nobody gets to blame us. Maybe others might say that we didn’t do anything to stop these apps.”

The Chairman seemed to be saying that if they did enforce, there will be people that will be mad at them, and if they don’t enforce, people will still be mad with or criticize them anyway.

Still, the other criticism we see being directed at the SEC is the fact that they can’t even regulate the capital markets efficiently, plus the amount of illegal lending apps and scams on the Google PlayStore and in Facebook remains rampant.

It is not lost on me that Binance admitted to the money laundering allegations in the US and that may have played a part in the local regulatory action about it.

But there are people (sidenote: and oh how vocal these people online are…) who might be just using Binance for their daily or monthly trading, trying to find wins, spotting the next gem, or even using it to receive income from their clients. To these people, “why are we affected when we are just using it normally?”

Expect another round of bashing if the SEC does succeed in removing the Binance app in the App Store.

But expect people to also find ways to circumvent it, whether VPN, APk, whatever.

Onwards to last week’s news and updates on BitPinas and the wider crypto community:

Ex-Solgen Hilbay, GCash Exec Luis Buenaventura Discuss Bitcoin in Recent #CryptoPH Conversations Meetup

From Bitcoin Halving to ETFs, to Bitcoin as money as property, the two crypto thought leaders — Luis Buenaventura and Florin Hilbay — gave insights on the future of crypto in the recent CryptoPH Conversations meetup.

SEC Issues Warning Against Unlicensed Crypto Firm SparkFX Bitcore

According to reports gathered by the Commission, the firm uses social media platforms to entice the public to invest in their purported cryptocurrency trading, investing, and mining services.

The April 2 advisory highlighted that SparkFX Bitcore claims to offer easy and safe cryptocurrency trading, supporting various digital currencies like the leading crypto, Bitcoin. The company assures rapid earnings in three steps: sign up with an email address, select a package, deposit, and begin earning profits without document verification.

[Just Doing Its Job] SEC Chair Defends Actions Against Binance

In this interview, the Chairman also gave an update on the status of their request to Apple and Google to remove Binance in the App Store.

Ownly Outlines 2024 Roadmap: Mainnet Launch, Token Migration

In an interview with BitPinas, Ismael Jerusalem, CEO and co-founder of the non-fungible token (NFT) and gaming blockchain Ownly, shared their recent growth following the development of its layer-3 blockchain, Ownchain. He also discussed the firm’s accomplishments in its 2024 roadmap as well as its future endeavors.

Coins.ph Receives BSP Approval to Launch PHPC: A Peso Stablecoin

In a press conference, Coins.ph CEO Wei Zhou emphasized that $PHPC’s positive effect will be greatly felt by people who need to transact through remittances. This is because the stablecoin is expected to reduce the cost and time associated with sending funds, especially from Filipinos overseas, to their families in the country.

YEY.Tech to Boost Kusho World’s Web3 Push

The partnership aims to promote interaction in the web3 industry, particularly within the collection’s community.

PDAX Adds Toncoin Token, Total Supported Tokens Now at 40

The local virtual asset service provider (VASP), Philippine Digital Asset Exchange (PDAX), recently announced the listing of Toncoin (TON), the native token of The Open Network blockchain. This addition brings the total number of cryptocurrencies available on the platform to 40.

At The Scene

Here’s what’s happening on the ground last week:

1. DEVCON (DEVCON Laguna) conducts smart contract code camp with ICP Hub Philippines (Internet Computer Protocol-ICP Manila) at University of Perpetual Help System Laguna.

2. MAD LADS community meetup in Makati.

3. Web3 and AI roundtable in Mandaluyong organized by ATTN.live.

Feature Articles

Igniting Blockchain Innovation in the Bicol Region

In this contributed article by Ownly CEO Ismael Jerusalem, he discussed the recent developments happening in the Bicol region, from organization updates to meetups happening in various provinces.

[Recap] Good Food, Dialogue at CryptoPH Conversations Meetup

Behind the Scenes: What happened off-cam during the event that happens once every four years?

We Played and Completed the YGG Roadtrip Quests in Baguio: Here’s Our Experience

Finishing the quest and having your card stamped by all the booths makes for a fun experience, allowing one to see all the games and activities the YGG Roadtrip has to offer.

Upcoming: BitPinas Webcast with Coins.ph and XD Academy

Consider the above as a sneak peek because it’s not the final version of the graphic!

Coins.ph and XD Academy recently formed a partnership that would bring crypto education to Coin’s 20 million users. (We have a report about it here.)

This Friday, both of their CEOs, Wei Zhou and Lawrence Linker will be guests on the BitPinas webcast to discuss, among other things:

1. Overview of Recent Developments: Halving, ETFs, etc
2. Role of Education in Crypto Adoption (Partnership Highlights)
3. Market Trends and Projections
4. Q and A
5. Future initiatives from both Coins and XD Academy

Upcoming: YGGPH Roadtrip – Cebu

YGG is bringing all the games and all the communities in Cebu this May, 18: YGG Pilipinas Roadtrip 2024 – Cebu · Luma

Upcoming: Multiple Bitcoin Pizza Day Meetups

There’s a lot of meetups happening this week and the next. The above is the meetup that will be organized by Bitget.

Continue to check out the BitPinas events page for more updated information on these meetups.

This article is published on BitPinas: CryptoPH Weekly News Roundup: May 6 – 13, 2024

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• Source: https://bitpinas.com/feature/weekly-news-roundup-may-6-13-2024/