Philippines SEC Calls for Removal of Binance App from Apple and Google Stores

The Philippines Securities and Exchange Commission (SEC) has taken a bold step in cracking down on cryptocurrency giant Binance, calling on tech giants Apple and Google to remove the company’s app from their app stores. This move comes after months of warnings from the regulator to residents about doing business with Binance.

SEC Chairperson Emilio Aquino stated that allowing the public continued access to Binance’s app poses a threat to the security of Filipino investors’ funds. The commission believes that Binance’s sale of unregistered securities and operating as an unregistered broker violates the country’s securities code, prompting the call for the app’s removal to protect the investing public.

This is not the first time Binance has faced regulatory scrutiny in the Philippines. Last year, the SEC blocked access to Binance, citing the company’s lack of registration to sell securities in the country. The SEC has also requested the National Telecommunications Commission to restrict access to Binance’s websites in the Philippines to prevent unauthorized investment solicitation activities.

Similar actions have been taken by regulators in India, where Binance and other crypto companies were asked to be removed from app stores earlier this year. In addition, India’s Financial Intelligence Unit blocked the URLs of offshore virtual digital asset service providers, including Binance, for not complying with anti-money laundering laws.

Binance is also facing allegations of money laundering and tax evasion in Nigeria, where two executives were arrested in February. Binance CEO Richard Teng has stated that the company is cooperating with Nigerian authorities to resolve the matter.

As Binance continues to face regulatory challenges in multiple countries, the future of the cryptocurrency giant’s operations in the Philippines remains uncertain. Stay tuned for updates on this developing story.