The Philippines’ Securities and Exchange Commission (SEC) has taken a strong stance against cryptocurrency exchange Binance, ordering Google and Apple to remove the platform from their app stores. This move comes after the regulator raised concerns about Binance offering unregistered securities to Filipinos and operating as an unregistered broker, in violation of the country’s securities laws. SEC Chairperson Emilio Aquino emphasized that allowing continued access to Binance sites and apps poses a threat to the security of investing Filipinos.
Aquino highlighted the importance of blocking Binance from the Google and Apple app stores to prevent the further proliferation of its illegal activities in the country and protect the investing public from its detrimental effects on the economy. The National Telecommunications Commission has also taken steps to block access to Binance websites in the country, indicating a united front against the platform’s operations.
The SEC had previously issued warnings to the Philippines public against using Binance and began considering the possibility of blocking the platform’s services back in November of last year. The regulator is now urging Filipinos with investments in Binance to close their positions immediately or transfer their crypto holdings to registered exchanges in the Philippines. This proactive approach aims to safeguard investors and prevent further financial harm.
The SEC’s action adds to a series of challenges faced by Binance, including a recent change in CEO and a hefty fine imposed by the U.S. government for alleged money laundering violations. The platform’s former CEO, Changpeng Zhao, faces charges of violating the Bank Secrecy Act and is set to step down. Binance is also entangled in legal battles with the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission over allegations of mishandling customer assets and running an illegal, unregistered exchange in the U.S.
The Philippines SEC’s order to remove Binance from Google and Apple app stores is a decisive move aimed at protecting investors and upholding regulatory standards in the cryptocurrency industry. It underscores the importance of compliance with securities laws and serves as a warning to other platforms engaging in similar activities. The ongoing legal challenges faced by Binance highlight the need for accountability and transparency in the digital asset space.
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