The Securities and Exchange Commission (SEC) of the Philippines has requested the removal of Binance from the Google Play Store and Apple App Store. The action comes as part of the SEC’s ongoing efforts to crack down on unauthorized investment solicitation activities in the country.
According to separate letters addressed to Google and Apple dated April 19, 2024, SEC Chairperson Emilio B. Aquino stated that access to the Binance app and website “poses a threat to the security of the funds of investing Filipinos.”
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The SEC has identified Binance as selling or offering unregistered securities to Filipinos and acting as an unregistered broker. The SEC mentioned that this is a violation of the Securities Regulation Code.
The removal and blocking of Binance’s applications aim to “prevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy,” according to Mr. Aquino.
Binance’s Unauthorized Operations in the Philippines
The Philippines SEC has stated that Binance has not obtained the necessary permits to solicit public investments or to establish and manage an exchange for the buying and selling of securities in the Philippines.
As part of its investor protection measures, the SEC has urged Filipino investors with investments in Binance to immediately close their positions and/or transfer their cryptocurrency holdings to their own crypto wallets.
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The move by the Philippines comes amidst the exchange’s struggle in Nigeria. Moreover, India has also placed a ban on Binance by blocking access to its website. However, recent reports revealed that Binance is planning to re-enter India by paying a penalty. Furthermore, reports indicated that Binance will adhere to the AML regulations of the country.