After the regulatory ban, Binance investors in the Philippines sold USDT at a 5-7% discount

ChainCatcher news, according to DLNews, after the Philippine Securities and Exchange Commission requested the country's telecommunications regulatory agency to block Binance this week, users in the country began withdrawing funds from Binance. According to screenshots shared by GCash Assistant Vice President Luis Buenaventura with DL News, merchants on the Binance P2P market are selling Tether's USDT at a discount of 5% to 7%, while retail customers are facing hefty on-chain transaction fees.

In some cases, the fees for transferring held assets from Bitcoin and Ethereum to other wallets or exchanges exceed $12.