Infrawatch PH, a policy think tank, has once again urged the Bangko Sentral ng Pilipinas (BSP) and the Philippine Securities and Exchange Commission (SEC) to ban global cryptocurrency exchanges Binance and Coinbase in the Philippines. This call comes in light of charges brought against both platforms by U.S. regulators. The complaint filed by the U.S. Securities and Exchange Commission (SEC) alleges that Binance engaged in the co-mingling of funds and allowed U.S. residents to trade on its global platform. On the other hand, Coinbase faced scrutiny for permitting users to trade tokens labeled as securities. Infrawatch PH has emphasized the risks associated with Binance's peer-to-peer (P2P) model, spot and margin trading, and futures and options trading. The organization suggests that local banks should be prohibited from processing payments to the platform due to the lack of regulation and potential for increased money laundering activities. Infrawatch PH has also highlighted the ongoing presence of the Philippines on the Financial Action Task Force (FATF) gray list, which indicates strategic deficiencies in preventing money laundering and terrorism financing. The BSP and the SEC have already taken some steps in response to these concerns. The SEC acknowledged in a letter to Infrawatch PH that Binance is not registered in the country, while the BSP issued an advisory cautioning the public against engaging with unregistered virtual asset service providers (VASPs). The BSP has also suspended all applications for new VASP licenses. Infrawatch PH argues that the actions taken by various jurisdictions against Binance should motivate regulators in the Philippines to take stronger action against unregistered VASPs operating within the country. The organization has submitted a new letter to the SEC, providing additional information regarding its calls to ban Binance, Coinbase, and other unregistered firms. Despite the negative news surrounding Binance abroad, the platform has been making strides in the Philippines. It has participated in events such as CONQuest 2023 and organized the Women in Blockchain event. Binance Academy conducted university tours in the country, and its general manager, Kenneth Stern, has served as a resource speaker for the Commission on Elections on blockchain's potential use in automated elections. This is not the first time Infrawatch PH has called for the suspension of Binance's operations in the Philippines. The organization has previously reached out to the Department of Trade and Industry (DTI) and reported Binance to the BSP for unlicensed operations. With mounting regulatory charges and concerns over potential risks, Infrawatch PH's repeated calls for the banning of Binance and Coinbase highlight the need for stricter regulation in the Philippines' cryptocurrency market.