Binance Responds to Removal Request in the Philippines: Promises Compliance and Updates
Binance Responds to Removal Request in the Philippines, Promises Compliance with Regulations
In response to recent regulatory proceedings by the Philippine Securities and Exchange Commission (SEC), cryptocurrency exchange Binance has finally addressed the removal request for its app from the Google Play Store and Apple App Store in the Philippines.
The SEC demanded that Google and Apple delete Binance’s applications, citing violations of The Securities Regulation Code, such as offering unregistered securities and operating without a broker’s license. This move is part of a larger crackdown to protect Filipino investors and prevent illicit investment operations.
Despite the app’s removal, Binance reassured its users in an open letter, emphasizing the security of their funds and the integrity of transactions. The exchange stated that it is committed to complying with Philippine regulations and is working towards a satisfactory resolution.
Binance also cautioned against using third-party platforms to access their services, urging users to wait for official communications from the company. This marks the first time Binance has officially addressed its situation in the Philippines since the SEC’s advisory in November 2023.
The exchange has faced regulatory challenges globally, including a ban in the U.S. market and a new class-action lawsuit in Canada. However, Binance recently announced plans to return to India after paying a fine for previous breaches of local regulations and obtaining a crypto license in Dubai.
As Binance navigates these regulatory hurdles, users are advised to stay informed and vigilant about accessing the platform through official channels. The company remains committed to compliance and ensuring a beneficial outcome for its users amidst the evolving regulatory landscape.
Overall, Binance’s response to the removal request in the Philippines underscores its dedication to regulatory compliance and user security, despite facing challenges in various jurisdictions worldwide.
