Philippine SEC Requests Removal of Binance From Local Apple and Google App Stores
In Brief
Philippine SEC sent separate letters to Apple and Google, urging them to remove Binance applications from the local App Stores.
Philippine Securities and Exchange Commission (SEC) sent separate letters to technology companies Apple and Google, urging them to remove applications offered by the global company running the cryptocurrency exchange Binance from the local Apple App Store and Google Play Store.
Emilio B. Aquino, Chairperson of the Philippine Securities and Exchange Commission, commented on the agency’s decision, highlighting the potential risk to the security of funds held by Filipino investors through continued access to the Binance websites or applications. He emphasized that the sale or offer of unregistered securities to Filipinos, along with operating as an unregistered broker, constitutes a violation of Republic Act No. 8799, also known as The Securities Regulation Code.
Emilio B. Aquino said that removing and blocking Binance applications aims to prevent the further spread of its illicit activities within the country and safeguard the investing public from any adverse effects on the economy.
Philippine SEC Signals Concerns Over Binance Regulatory Compliance
As early as November last year, the Philippine Securities and Exchange Commission cautioned the public about investing in and utilizing Binance. Additionally, the agency initiated an examination into the potential blocking of Binance’s website and other online platforms within the Philippines.
In March, the regulatory authority reiterated its efforts to impede access to the largest cryptocurrency exchange by daily trading volumes. This action was taken due to the platform lacking the necessary regulatory license to operate within its jurisdiction. The authority also sought assistance from the National Telecommunications Commission (NTC) in blocking web pages associated with Binance.
The commission further voiced disapproval of the platform’s practice of conducting promotional campaigns through social media to lure local investors, pointing out the absence of regulatory approval for such activities.
Following the announcement, Binance users within the country hurried to withdraw their funds from the exchange. Consequently, vendors began offering Tether’s USDT at a discount ranging from 5 to 7%. Retail customers faced substantial on-chain fees for trading digital assets or when transferring them to other wallets or exchanges.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
