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Analysis of the Interactive Brokers (IBKR) Ban

A legal analysis of the Philippine regulators’ ban on Interactive Brokers and its regulatory, jurisdictional, and due process implications.

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What's Inside?

The BSP’s classification of IBKR as an unlicensed VASP and why this rationale may overextend crypto-specific regulatory powers.

The SEC’s broker-dealer registration rules and whether IBKR was “doing business” or merely passively accessible to Filipino investors.

Why blocking all IBKR services raises proportionality and jurisdictional concerns.

Serious due process issues arising from the sudden ISP-level ban without prior notice, hearing, or public advisory.

Understand the Legal Issues Behind the IBKR Ban

Explore how BSP and SEC actions led to the IBKR ban, its impact on investors, and the constitutional and regulatory issues involved.

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Frequently Asked Questions

This section addresses common concerns raised by businesses, legal teams, and finance professionals looking for clarity on complex issues and get a better understanding of key concepts.

Why did Philippine regulators ban Interactive Brokers?

Regulators cited IBKR’s alleged operation without authorization as a Virtual Asset Service Provider and as an unregistered securities broker, prompting BSP and SEC-backed ISP blocking.

Was IBKR actively doing business in the Philippines?

Based on available information, IBKR had no local office, agents, or targeted marketing. Filipino users accessed the platform through passive availability or reverse solicitation.

What are the main legal concerns with the IBKR ban?

The ban raises issues of regulatory overreach, lack of proportionality, and deprivation of property without due process due to the absence of prior notice or hearing.

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