SEC of the Philippines Takes Action Against Binance Cryptocurrency Apps

The Securities and Exchange Commission (SEC) of the Philippines has made a bold move to protect investors by requesting the removal of cryptocurrency giant Binance’s applications from app marketplaces in the country. In a letter dated April 19, the SEC reached out to Google and Apple, citing concerns about the security of Filipino investors’ funds.

SEC Chair Emilio Aquino stated that the public’s access to Binance-controlled apps poses a threat to investors, as the company is allegedly selling unregistered securities and operating as an unregistered broker, violating the Securities Regulation Code. Binance, known for its wide range of financial products and services, has a massive global presence with millions of users and billions of dollars in daily trading volume.

Aquino emphasized the importance of blocking Binance’s apps to prevent further illegal activities and protect the economy. The SEC has also requested the National Telecommunications Commission to block access to Binance’s websites in the country. Despite its popularity, Binance has not obtained the necessary license from the SEC to operate in the Philippines.

Investors are urged to close their positions on Binance and transfer their holdings to registered cryptocurrency service providers. The SEC’s actions highlight the importance of regulatory oversight in the cryptocurrency market and the need to protect investors from potential risks.