Philippines SEC Takes Action Against Binance-Linked Apps

The Philippines’ Securities and Exchange Commission (SEC) is cracking down on Binance-linked applications, urging Apple and Google to remove them from their app marketplaces. The SEC has identified Binance as a threat to the security of Filipino investors and has cited violations of securities regulations.

SEC Chair Emilio Aquino stated that Binance’s unregistered securities offerings and unregistered broker activities are illegal under Republic Act no. 8799. By removing Binance’s applications, the SEC aims to curb the platform’s illegal activities in the country.

This move follows the SEC’s previous advisory warning against unregistered investment products, which included blocking access to Binance in the Philippines. The SEC also sought cooperation from tech giants like Google and Meta to restrict online advertisements for Binance targeting Filipino users.

Binance has faced legal challenges worldwide, including lawsuits from the US SEC and the Commodity Futures Trading Commission. Despite these legal battles, Binance has denied the allegations and vowed to defend its platform.

The SEC’s actions against Binance highlight the growing regulatory scrutiny facing the cryptocurrency exchange and the challenges it continues to face in various jurisdictions.