The Philippines’ Securities and Exchange Commission (SEC) has taken decisive action against cryptocurrency exchange Binance by ordering Google and Apple to remove the Binance app from their respective app stores. The regulator cited concerns about the security of Filipino investors’ funds and accused Binance of offering unregistered securities and operating as an unregistered broker, in violation of securities laws.
SEC Chairperson Emilio Aquino emphasized the importance of safeguarding the interests of Filipino investors by blocking access to Binance’s sites and apps. By requesting the removal of Binance from the Google Play Store and Apple App Store, the SEC aims to prevent the further proliferation of illegal activities in the country and protect the investing public from potential economic harm.
In addition to the SEC’s intervention, the Philippines’ National Telecommunications Commission has previously taken steps to block access to Binance websites in the country. The SEC had issued warnings to the public about using Binance and had been exploring the possibility of restricting Binance’s services in the Philippines since November of the previous year.
The SEC is urging Filipino investors with holdings in Binance to either close their positions immediately or transfer their cryptocurrency assets to licensed exchanges or wallets within the Philippines. This proactive approach is aimed at minimizing the risks associated with unregulated trading and protecting investors from potential losses.
The order to remove Binance from app stores adds to the numerous legal challenges faced by the exchange. Binance recently underwent a leadership change, appointing Richard Teng as CEO following a substantial fine imposed by the U.S. government for alleged money laundering violations. Former CEO Changpeng Zhao is facing legal action and is expected to be sentenced in the near future. Binance is also the subject of lawsuits filed by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission for alleged mishandling of customer assets and operating an unregistered exchange in the U.S.
The Philippines SEC’s decision to compel Google and Apple to remove Binance from their app stores reflects a commitment to enforcing regulatory compliance and protecting investors from potential risks. The ongoing legal challenges facing Binance highlight the importance of adhering to established regulations in the rapidly evolving cryptocurrency industry.
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