The Philippines Securities and Exchange Commission (SEC) has directed tech giants Apple and Google to remove the Binance app from their respective app stores for users in the Philippines.Â
This directive comes amidst growing concerns raised by the SEC regarding Binance’s operations within the country.
According to a press release issued by the SEC on April 23, the regulatory body has identified Binance as a potential threat to the security of Filipino investors’ funds.
The SEC cited Binance’s alleged sale of unregistered securities and operation as an unregistered broker as key reasons behind the directive.
Emilio Aquino, Chair of the SEC, emphasized that Binance’s activities contravene the securities regulations of the Philippines.
By removing the Binance app from their platforms, Apple and Google are seen as aiding in reducing the proliferation of illicit activities in the country’s securities sector.
This latest action follows the Philippines SEC’s previous measures, including blocking access to Binance websites in collaboration with the National Telecommunications Commission in March.
Since November 2023, the SEC has been cautioning Filipino citizens against using Binance for investment purposes due to its lack of proper licensing.
Binance, one of the world’s largest cryptocurrency exchanges, has been embroiled in compliance issues and allegations of illegal activities in various jurisdictions.
Notably, in Nigeria, two of its executives faced detention over charges of currency manipulation, while in Canada, a class action lawsuit was filed against Binance for alleged violations of local security laws.
Despite these challenges, Binance received a crypto license in Dubai, becoming a certified Virtual Asset Service Provider (VASP).
Additionally, the exchange plans to re-enter the Indian market after agreeing to pay a $2 million fine for previous noncompliance with local regulations.
The Philippines’ move to ban Binance from its shores adds to the growing list of countries taking regulatory action against the exchange, signaling a broader trend of increased scrutiny and enforcement within the cryptocurrency industry.
