Philippines SEC Collaborates with Google and Apple to Remove Binance App for Filipino Users

The Philippines Securities and Exchange Commission (SEC) has taken a bold step in its ongoing battle against illicit activities in the country by requesting Google and Apple to remove the Binance app from their app marketplaces for Filipino users. In a statement released on April 23, the SEC emphasized the need to curb the spread of unregistered securities and unlicensed brokerage services offered by Binance.

SEC Chair Emilio B. Aquino highlighted the violation of Republic Act no. 8799, or The Securities Regulation Code, by Binance, stating that the company’s actions pose a threat to Filipino investors. The regulator has been issuing warnings against Binance since November 2023, urging the public to refrain from using the platform for investments due to its lack of proper licensing.

This move comes after the SEC and the National Telecommunications Commission (NTC) blocked access to Binance websites last month, citing the need to protect the public from unregistered investment products. The regulator has also called on Google and Meta to stop Binance-related advertisements targeting Filipino users.

Binance is facing regulatory scrutiny in multiple jurisdictions, including the United States, the UK, Nigeria, and various European nations. The company recently reached a $4 billion settlement with US federal agencies and saw its co-founder resign as CEO. In Nigeria, Binance is embroiled in a legal dispute over registration and tax evasion allegations.

Despite these challenges, Binance has made progress in complying with regulatory requirements in key markets such as India and Dubai. The company’s ability to navigate complex regulatory landscapes while facing legal hurdles demonstrates its resilience in the face of regulatory challenges.