Philippines SEC Orders Google and Apple to Remove Binance App Over Security Concerns and Regulatory Violations

The Philippines Securities and Exchange Commission (SEC) has taken a firm stance against the popular cryptocurrency exchange Binance, ordering Google and Apple to remove the Binance app from their stores in the country. This move comes as the SEC cites significant security risks to Filipino investors and potential negative impacts on the national economy.

According to a report by Cointelegraph, the SEC has identified Binance as a threat to the security of funds for investing Filipinos. The commission has accused Binance of selling or marketing unregistered securities to locals and operating as an unregistered broker, in violation of the country’s securities legislation.

Emilio B. Aquino, chair of the SEC, emphasized the importance of preventing the further proliferation of Binance’s illegal activities in the country. By removing the Binance app from digital app marketplaces, Aquino believes that this action will have detrimental impacts on the local economy.

This crackdown on Binance in the Philippines follows previous actions by the SEC and the National Telecommunications Commission (NTC) to restrict access to Binance websites on March 25. The SEC has been actively warning the public against using Binance for investments since November 2023, as the cryptocurrency exchange has yet to obtain a license to solicit public investments or operate a securities trading exchange.

In response to the ban, Binance users in the Philippines have been given a three-month deadline, with an extension, to withdraw their funds from the exchange. After this period, the SEC stated that it cannot endorse any means for reclaiming monies.

Binance has faced regulatory challenges worldwide, including a recent class-action lawsuit in Canada for violating local securities laws. Despite these challenges, Binance has made efforts to comply with regulations in other countries, such as paying a $2 million fine to return to India and obtaining a crypto license in Dubai.

As the SEC finalizes the ban on Binance in the Philippines, the global regulatory landscape for cryptocurrency exchanges remains complex and ever-changing. Investors and users of Binance are advised to stay informed and comply with local regulations to avoid potential risks and legal consequences.