The Philippine Securities and Exchange Commission has requested the country's telecommunications regulatory agency to block Binance this week, causing users to withdraw funds from the cryptocurrency exchange. It is reported that merchants on Binance's P2P market are selling Tether's USDT at a discount of 5% to 7%, while retail customers are facing "huge" on-chain transaction fees.

Philippine cryptocurrency exchange Coins.ph has partnered with New York-based blockchain infrastructure platform Paxos Trust Company to facilitate more efficient cross-border remittances using PayPal USD (PYUSD). With PYUSD now available on Coins.ph, the partnership aims to provide more convenient fund transfers for Filipinos, particularly those receiving money from overseas.