- The Philippines’ Securities and Exchange Commission sent letters to Google and Apple requesting the removal of Binance apps from their respective app stores.
- The agency accused Binance of offering unregistered securities to Filipinos and operating as an unregistered broker, violating the country’s securities laws.
- The regulator stated that blocking Binance from app stores would help prevent the further proliferation of its illegal activities in the Philippines and protect the investing public.
The Philippines Securities and Exchange Commission (SEC) has ordered tech giants Google and Apple to remove cryptocurrency exchange Binance from their respective app stores.
SEC Accuses Binance of Illegal Activities
The regulator accused Binance of offering unregistered securities to Filipinos and operating as an unregistered broker, which it said violates the country’s securities laws.
SEC Chairperson Emilio Aquino said Binance’s continued access in the Philippines “poses a threat to the security of the funds of investing Filipinos.”
Regulator Aims to Protect Investors and Economy
Aquino said blocking Binance from the Google and Apple app stores would help prevent the proliferation of its illegal activities in the country and protect investors from its “detrimental effects on our economy.”
The Philippines National Telecommunications Commission has previously moved to block access to Binance websites in the country.
SEC Warns Public Against Using Binance Since 2021
The SEC said it warned the public against using Binance and began studying blocking its services in the Philippines as early as November 2021. The regulator said Binance has actively promoted itself on social media to attract funds from Filipinos without being licensed.
SEC Urges Users to Close Binance Accounts
The SEC is urging Filipinos with investments in Binance to immediately close their positions or transfer holdings to exchanges registered in the Philippines. The action adds to ongoing legal troubles for Binance globally. Former CEO Changpeng Zhao stepped down in late 2022 amid investigations.
