The Securities and Exchange Commission (SEC) of the Philippines has demanded that Binance be removed from the Google Play Store and Apple App Store. The action is part of the SEC’s ongoing efforts to combat unlawful investment solicitation nationwide.
In separate letters to Google and Apple dated April 19, 2024, SEC Chairperson Emilio B. Aquino warned that access to the Binance app and website “poses a threat to the security of the funds of investing Filipinos.”
Apple, Google to Remove Binance from Store
The SEC has charged Binance with selling or marketing unregistered securities to Filipinos and operating as an unregistered broker and the SEC stated that this violates the Securities Regulation Code.
According to Mr. Aquino, the withdrawal and blocking of Binance’s applications are intended to “prevent the further proliferation of its illegal activities in the country and to protect the investing public from the detrimental effects on our economy.”
According to the Philippines Securities and Exchange Commission, Binance still needs to secure the essential authorization to solicit public investments or to organize and administer an exchange for buying and selling securities in the Philippines.
As part of its investor protection measures, the SEC has advised Filipino investors who have invested in Binance to cancel their positions and transfer their cryptocurrency assets to their crypto wallets.
The Philippines’ action comes as the exchange is struggling in Nigeria. Furthermore, India has banned Binance by limiting access to its website. However, new rumors indicate that Binance intends to re-enter India after paying a penalty. Moreover, sources suggest Binance would conform to the country’s AML requirements.
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