The Philippines Security and Exchange Commission (SEC) has ordered Apple and Google to remove Binance app from their respective App stores for users in the Philippines.
According to CoinTelegraph, a press release by the SEC on April 23 said it is working with Apple and Google to remove applications operated by Binance, the biggest crypto exchange in the world. It confirmed that the big tech companies received separate letters to that effect on April 19.
- “The SEC has identified [Binance] and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.” the SEC said.
Emilio Aquino, Chair of the SEC explained that Binance selling or offering unregistered securities to locals and acting as an unregistered broker is against the laws of the country’s securities regulation.
He added that by removing Binance applications from the Digital app marketplace the big tech companies would help reduce the spread of illegal activities in the country’s securities sector.
This move by the SEC follows the blocking of access to Binance websites by the SEC and the National Telecommunications Commission (NTC) on March 25.
The Philippines SEC has actively warned its citizens to desist from using Binance for investing since November 2023 citing that the crypto exchange was yet to secure a license to solicit investment from the public or operate an exchange to buy and sell securities.
Earlier on an SEC official said that Binance users were given three months to facilitate the withdrawal of their funds from the platform after which the government would no longer endorse any means to withdraw funds when the time elapse.
The Philippines is the latest country to make moves to Ban Binance from its shores following compliance concerns and accusations of illegality.
What to Know
- Binance has been involved in a series of showdowns with various countries on issues of compliance and accusations of illegal activities. In Nigeria two of its executives were detained over charges of currency manipulation. In Canada, a new class action lawsuit was filed against Binance following allegations it violated local security laws.
- Binance, on a positive note, received its crypto license in Dubai and is now a certified Virtual Asset Service Provider (VASP).
- In India, Binance is set to re-enter the Indian market after paying a fine of $2 million for previous noncompliance with local regulations.
