Philippines SEC orders Apple and Google to remove Binance from app stores

The Philippine Securities and Exchange Commission (SEC) has ordered Google and Apple to remove the Binance app from their respective app stores for users in the Philippines.

According to an April 23 press release from the SEC, it is working with big tech companies to remove “apps powered by cryptocurrency giant Binance.” The companies said they received a separate letter on April 19 regarding the removal of the apps from local marketplaces.

“The SEC has identified [Binance] And it concluded that the public's continued access to these websites/apps poses a threat to the safety of the money invested by Filipinos.

SEC Chairman Emilio B. Aquino said selling or offering unregistered securities to local residents and acting as an “unregistered broker” violates the country's securities regulations.

By removing Binance applications from digital application markets, he said, these companies will help “prevent the further spread of illegal activities in the country”, otherwise this will have a “harmful” effect on the local economy.

This move comes after the SEC and National Telecommunications Commission (NTC) blocked Binance's websites on March 25.

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The SEC has been actively warning the public against investing in Binance since November 2023. The world's largest crypto exchange says it has not yet received permission to solicit or purchase investments from the public. and sell securities.

On April 8, following the implementation of the official ban on Binance, the SEC official reiterated that they had already given users a three-month period with an additional extension. After this period, the SEC said that it “cannot support” any methods of withdrawing funds.

The move to ban Binance follows a move from the SEC and NTC on February 21 to ban and block unauthorized crypto trading platforms in the country. At that time, Binance was not affected at all.

Binance has been involved in other regulatory controversies around the world, most recently a new class-action lawsuit in Canada on April 23, following allegations that it violated local securities laws.

However, on the contrary, the cryptocurrency exchange announced on April 18 that it will return to India after paying a fine of $2 million for non-compliance with local regulations.

On the same day, Binance reportedly received its crypto license in Dubai, known as the Preferred Virtual Asset Service Provider (VASP), with co-founder Changpeng Zhao relinquishing voting power in the local body of the exchange.

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