Philippines SEC Requests Google and Apple to Remove Binance Apps: Latest in Global Crackdown on Cryptocurrency Exchange
The Philippines Securities and Exchange Commission (SEC) has made a bold move by requesting tech giants Google and Apple to remove applications operated by Binance from their app stores. This decision comes in the wake of concerns regarding the security of investor funds and potential violations of securities regulations by Binance, a major cryptocurrency exchange.
Following in the footsteps of Nigeria, Canada, and India, the SEC in the Philippines has raised red flags about Binance operating without proper registration and authorization to sell securities in the country. SEC Chairperson Emilio B. Aquino emphasized the gravity of the situation, stating that Binance’s activities could impact Filipino investors negatively. Allegations include the sale of crypto derivative products without proper registration, violating the Securities Regulation Code.
To prevent further illegal sales of investments to Filipinos, the SEC has requested cooperation from Google and Meta to limit online advertisements for Binance to Filipino social media users. Additionally, government agencies have been urged to assist in blocking access to Binance within the country due to concerns over its active social media campaigns targeting Filipino users for investment and trading activities.
As a precautionary measure, Filipino investors are advised to close their positions on Binance and transfer their cryptocurrency holdings to duly registered service providers. This proactive approach aims to protect investors’ interests and uphold market integrity amidst regulatory threats posed by unregulated crypto exchanges.
Binance has been embroiled in legal issues globally, with the US SEC suing the exchange and its founder for alleged violations of US financial rules. Binance has denied any wrongdoing and vowed to fight the accusations. Additionally, the Commodity Futures Trading Commission (CFTC) has accused Binance of breaking US laws regarding commodities, and a group of individuals is suing Binance in Canada.
The SEC’s actions underscore the importance of ensuring compliance with regulations in the cryptocurrency space to safeguard investors and maintain the stability of the financial system. By closely monitoring cryptocurrency exchanges like Binance, regulatory authorities aim to prevent any potential harm to investors or the market at large.
