Philippines SEC Moves to Remove Binance from Google and Apple App Stores

The Philippines Securities and Exchange Commission (SEC) has announced that it is working with Google and Apple for the removal of the Binance app from their app marketplaces.

According to a press release from the regulator’s official website and a letter addressed to tech giants Google and Apple dated April 19, this move comes amid concerns about the threat to the security of the funds of investors in the Philippines.
SEC Chairperson Emilio B. Aquino stated in the letter that the sale or marketing of unregistered securities to the people of the Philippines and operating as an unregistered broker is considered a violation according to Republic Act No. 8799, or the Securities Regulation Code.

The SEC has concluded that the public’s continued access to Binance websites and apps poses a threat, and removing Binance applications will prevent the further proliferation of its illegal activities in the country. He added that this decision will help protect the investing public from its detrimental effects on the Philippine economy.

Furthermore, the SEC has requested that the National Telecommunications Commission block access to Binance’s website and other online presence in the Philippines in order to help stop its unauthorized investment solicitation activities in the country.
The Philippine regulator has been studying possible ways to block access to the crypto exchange website since November 2023.
The largest cryptocurrency platform in the world presently has a membership of over 183 million, an average daily trading volume of $65 billion, and covers more than 402 cryptocurrencies. The exchange is said to have been actively promoting its trading activities and campaigns on social media, attracting Filipino investors.

However, Binance has yet to secure from the SEC a license to operate as a cryptocurrency exchange or solicit investments from the public as required by the SRC. 
As a precautionary measure, the SEC urges crypto investors in the Philippines using Binance to immediately transfer their digital assets to their own crypto wallets or to a licensed cryptocurrency service provider.

Binance has been facing many legal problems lately across different countries. In June, the US SEC sued the platform and its founder, Changpeng Zhao, for going against US financial rules. In March, the Commodity Futures Trading Commission (CFTC) also accused Binance of not following US laws about commodities. 

Going to Africa, the authorities of the country located on the western coast of Africa, Nigeria, have accused Binance of four counts of tax evasion, allegations of over $35 million in money laundering, and manipulating exchange rates through speculation and rate-fixing. 
On April 23, Ontario’s Superior Court of Justice filed a class action lawsuit against one of the leading cryptocurrency exchanges, Binance, for allegedly failing to comply with necessary registrations and prospectus filings as stipulated by securities regulations.
However,looking at the bright side of the cryptocurrency exchange, it announced on April 18 that it would be returning to the Indian market after paying a $2 million fine for previous non-compliance with local regulations. It also announced that its subsidiary in Dubai, Binance FZE received its Virtual Asset Service Provider (VASP) license.

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