The Philippines Securities and Exchange Commission (SEC) has taken action against cryptocurrency giant Binance. They’ve instructed tech giants Google and Apple to remove the Binance app from their app stores specifically for users in the Philippines.
Philippines SEC’s Concerns
In a press release on April 23, the SEC highlighted concerns about the security of Filipino investors’ funds. They emphasized that Binance’s operation without registration violates local securities regulations. SEC Chair Emilio B. Aquino emphasized the risk posed by unregistered securities and brokerage activities.
This move follows previous actions by the SEC and the National Telecommunications Commission (NTC), who blocked access to Binance websites on March 25. The SEC had been cautioning against Binance since November 2023, citing its lack of registration for soliciting investments or operating an exchange.
The SEC had given Binance users a three-month period to withdraw their funds before the ban. However, as of April 8, they ceased to endorse any methods for fund retrieval after the deadline.
Binance’s Global Regulatory Challenges
Binance has faced regulatory challenges globally, including a class-action lawsuit in Canada for alleged violations of securities laws. However, it has also made strides in compliance, such as returning to India after paying a fine and receiving a crypto license in Dubai.
