Philippines SEC Orders Google and Apple to Remove Binance App
The Philippines Securities and Exchange Commission (SEC) has directed Google and Apple to remove the Binance app from their app stores in the country.
This move comes after the SEC and the National Telecommunications Commission (NTC) blocked access to Binance websites on March 25. Since November 2023, the SEC has been warning the public against using Binance for investing.
Binance, one of the world’s largest crypto exchanges, has yet to secure a license to solicit investments from the public or to operate an exchange to buy and sell securities. Emilio B. Aquino, the SEC chair, stated that selling or offering unregistered securities to locals and operating as an “unregistered broker” violates the country’s securities regulations.
Aquino emphasized that removing Binance applications from digital app marketplaces would help “prevent the further proliferation of its illegal activities in the country,” as this could have “detrimental” effects on the local economy.
The SEC and the NTC moved to block and ban unlicensed crypto trading platforms in the country on Feb. 21. Binance has faced regulatory-related issues globally, including a new class-action lawsuit in Canada on April 23, following allegations that it violated local securities laws.
READ MORE: US Presidential Candidate Proposes Putting Entire Budget on Blockchain
On April 8, after enforcing its official ban on Binance, an SEC official reiterated that users were provided with a three-month period, along with an extension, to withdraw their funds from the exchange. After this period, the SEC stated it “cannot endorse” any methods for retrieving funds.
On the flip side, the cryptocurrency exchange announced on April 18 that it would return to India after paying a $2 million fine for previous non-compliance with local regulations. On the same day, it was reported that Binance received its crypto license in Dubai, known as the coveted Virtual Asset Service Provider (VASP), after its co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
