Key takeaways:
- The Philippines SEC instructed Google and Apple to remove the Binance app for Philippine customers from their respective app stores.
- The SEC has officially identified Binance and determined that the ongoing accessibility of these websites and apps poses a risk to the security of Philippine investors’ funds.
The Philippines Securities and Exchange Commission (SEC) instructed Google and Apple to remove the Binance app from their respective app stores for Philippine customers.
In an official statement on April 23, the SEC noted that it is collaborating with Big Tech firms to remove applications run by the major crypto exchange Binance. It stated that the businesses were notified in separate letters on April 19 that the apps would be removed from the regional marketplaces.
The SEC has officially identified Binance and determined that the ongoing accessibility of these websites and apps poses a risk to the security of Philippine investors’ funds.
The chair of the SEC, Emilio B. Aquino, stated that it is illegal to sell or offer unregistered securities to national residents and conduct business as an “unregistered broker.”
He claimed that by removing Binance apps from online app stores, these businesses would help halt the company’s “illegal activities” from spreading further throughout the nation since doing so might have “detrimental” consequences on the regional economy.
This action was taken soon after access to Binance websites was restricted on March 25 by the National Telecommunications Commission (NTC) and the SEC.
Since November 2023, the SEC has aggressively advised the public not to use Binance for financial purposes. According to the report, the cryptocurrency exchange, which is among the biggest in the world, does not currently have a license to accept investments from the general public or to run a securities exchange.
An SEC representative reaffirmed on April 8 that they had previously given consumers a three-month window, as well as an extension, to enable the withdrawal of their cash from the exchange after the execution of the agency’s official ban on Binance. Following this time frame, the SEC declared that they “cannot endorse” any means of obtaining funds.
Following a crackdown by the SEC and NTC on February 21, which aimed to restrict and outlaw unauthorized cryptocurrency trading services nationwide, Binance has been blocked. Binance was unaffected at the moment.
Binance has been involved in various regulatory-related scandals worldwide; most recently, on April 23, it was accused of breaking local securities laws and was the target of a new class-action lawsuit in Canada.
On the other hand, the crypto exchange declared on April 18 that it would return to India after paying a $2 million fine for prior violations of regional laws.
