Key Takeaways
- The Philippine SEC has ordered Google and Apple to remove the Binance app due to its lack of required licensing;
- SEC Chair Emilio B. Aquino emphasized that Binance's activities pose a risk to Filipino investors;
- This action is part of efforts by the Philippine SEC to regulate the crypto market.
The Securities and Exchange Commission (SEC) of the Philippines has ordered Google and Apple to remove the Binance crypto app from their app stores for users in the Philippines.
The decision was announced in a press release by the Philippine SEC on April 23.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Fantom? | Animated FTM Explainer
Emilio B. Aquino, the chair of the SEC, noted that Binance had been operating as an "unregistered broker" and offering unregistered securities to local users, which violated the country's securities regulations.
He stressed that the app must be removed in order to prevent illegal financial activities and protect the public, stating:
The SEC has identified <Binance> and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.
This action builds on earlier measures where the SEC and the National Telecommunications Commission (NTC) blocked access to Binance websites starting March 25.
The Philippine SEC has been cautioning the public against using unlicensed crypto exchanges since 2022. Removing the Binance app is another step in the agency's efforts to ensure financial security by regulating the crypto market.
This situation aligns with similar actions against Binance taken in other countries, such as Canada, where the crypto exchange has been sued for allegedly offering unregistered crypto derivative products.
In contrast, Binance has recently obtained a Virtual Asset Service Provider (VASP) license in Dubai, showcasing its varied experiences with regulatory environments around the world.
