Business Markets News Report
April 23, 2024

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 SEC Requests Removal of Binance From Local Apple and Google 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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, 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.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, 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.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
Business News Report Technology
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
May 17, 2024
Top 5 Liquid Restaking Protocols Built on Top of EigenLayer
Digest Markets Software Technology
Top 5 Liquid Restaking Protocols Built on Top of EigenLayer
May 17, 2024
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
Business Markets News Report
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
May 17, 2024
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
Opinion Business Markets Software Technology
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
May 17, 2024