SEC Orders Apple and Google to Delist Binance App in the Philippines: A Closer Look at Regulatory Actions
The Securities and Exchange Commission (SEC) of the Philippines has taken a bold step in its regulatory actions against the cryptocurrency exchange giant, Binance. The SEC has officially ordered tech giants Apple and Google to remove the Binance app from their platforms in the Philippines, citing violations of local securities laws.
This decision comes after months of warnings from the SEC about Binance’s lack of proper licensing and approval to operate as a broker and offer securities within the country. Emilio B. Aquino, the SEC chair, emphasized the importance of protecting Filipino investors and the national economy from potential risks associated with Binance’s operations.
The SEC’s move to delist the Binance app from app stores is part of a broader effort by Philippine authorities to tighten regulations on cryptocurrency exchanges. In March, the SEC, in collaboration with the National Telecommunications Commission (NTC), blocked access to Binance websites, limiting Filipinos’ ability to engage with the platform online.
This latest enforcement action follows a series of warnings and compliance efforts by the SEC dating back to November 2023. Binance had been given a three-month period, plus an extension, to allow users to withdraw their funds from the platform before facing a ban. The SEC’s decision to target Binance comes after a previous crackdown on unlicensed crypto trading platforms in February.
The challenges faced by Binance in the Philippines are reflective of a broader global regulatory landscape. On the same day as the SEC’s directive, Binance faced a class-action lawsuit in Canada over alleged violations of securities laws. However, the exchange has also seen regulatory successes, such as its re-entry into the Indian market after settling a compliance fine and receiving a VASP license in Dubai.
As Binance navigates regulatory hurdles in various jurisdictions, its compliance efforts and responses to enforcement actions will continue to shape its operations and reputation in the cryptocurrency industry.
