In a significant development, the Securities and Exchange Commission (SEC) of the Philippines has ordered tech giants Apple and Google to remove the Binance app from their respective app stores. This move comes as part of the regulator’s efforts to protect Filipino investors.
The SEC has accused Binance, one of the world’s largest cryptocurrency trading platforms, of offering unregistered securities to Filipinos and operating as an unregistered broker. The regulator believes that the continued access of the Philippine public to Binance sites and apps poses a threat to the security of the funds of investing Filipinos.
The SEC has sent letters to Google and Apple, requesting the removal of applications controlled by Binance from the Google Play Store and Apple App Store, respectively. The regulator has stated that this action will help prevent the further proliferation of Binance’s illegal activities in the country and protect the investing public from its detrimental effects on the economy.
The Philippines’ National Telecommunications Commission has previously moved to block access to websites used by Binance in the country. The SEC has been studying the possibility of blocking Binance’s services in the Philippines since November of the previous year.
The SEC has urged Filipinos with investments in Binance to immediately close their positions, or to transfer their crypto holdings to their own crypto wallets or exchanges registered in the Philippines. This action adds to a litany of woes for Binance, which recently replaced its CEO after a U.S. government settlement ordering the company to pay a $4.3 billion fine for alleged money laundering violations.
As of now, Binance, Google, and Apple have not made any comments on this development. It remains to be seen how this decision will impact the operations of Binance and the larger cryptocurrency market in the Philippines.
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