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- SEC instructs Google and Apple to remove Binance apps in the Philippines, citing security threats to investors’ funds.
- Aquino highlights Binance’s violations of securities regulations, leading to the proactive removal of its apps.
- SEC warns against investing in Binance, emphasizing its lack of necessary licensing.
The Securities and Exchange Commission (SEC) of the Philippines has directed Google and Apple to remove the Binance app from their respective app stores. A press release by the SEC disclosed that this instruction was contained in separate letters addressed to the tech giants on April 19.
SEC Chairperson Emilio B. Aquino stated, “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.” Aquino asserted that Binances’ sale of unregistered securities and operation as unregistered violates the “Republic Act no. 8799, or The Securities Regulation Code.”
He further stressed that blocking and removing the Binance app will mitigate potential risks to the investing public and safeguard the national economy. This action follows previous requests by the SEC to the National Telecommunications Commission, urging the blockage of access to Binance websites within the Philippines.
Since November 2023, the SEC has actively cautioned against investing in and utilizing Binance services. The regulatory body also signaled ongoing consideration of potential measures to restrict Binance’s online presence within the country.
The SEC revealed that Binance lacks the license to solicit investments or operate as an exchange. In light of this, the agency urged investors against using the platform for cryptocurrency transactions.
Binance is renowned for offering several financial instruments and investment products, including spot trading, futures contracts, and cryptocurrency staking services. According to the SEC, the exchange averages a daily trading volume of $65 billion and has a user base exceeding 183 million.
However, this development adds to a series of setbacks for Binance, as Changpeng Zhao, Binance’s former CEO, faces charges in the US. Moreover, Binance is entangled in legal battles with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
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