The Philippine Securities and Exchange Commission head Kelvin Lee clarified in a panel on Dec. 13 that the ban on Binance would come into effect three months after the advisory was issued.

According to a report from local news BitPinas, Lee said there has been a lot of confusion on the internet about the ban after regulators issued an advisory to the cryptocurrency exchange for operating without a license on Nov. 28.

He was asked to clarify the matter and that the ban was “supposed to be three months from the issuance date,” which he said was given on Nov. 29.

“Depending on how feedback is, we can actually extend that, but currently we should feel lucky with the three months.”

He said the original recommendation was one month, even a “one-week transition period,” but he decided on more time due to the Christmas holiday. “Not to make it hard for Filipino investors during that time,” he said.

In addition to Binance, Lee said that OctaFX and MiTrade, two other exchanges recently issued advisories for unregistered operations, also face bans after three months.

The local SEC said it has a 'sizable' list of unregistered exchanges that will gradually emerge. However, they are also attempting a “wait-and-see” approach on whether or not the exchanges will register after seeing the action taken against Binance.