The Philippine Securities and Exchange Commission (SEC) has directed Google and Apple to remove the Binance cryptocurrency exchange app from their marketplaces, starting April 23. This step is taken to shield local investors from potential hazards posed by unlicensed digital trading platforms.
The Securities and Exchange Commission (SEC) has accused Binance of conducting business without necessary licenses and providing unregistered securities in the Philippines. According to Chairperson Emilio Aquino, this action is essential to put a stop to Binance’s unauthorized activities, protecting the financial well-being of Filipino investors.
Binance’s order is among several international legal matters it is dealing with, including lawsuits in the United States. Despite being hit with a substantial penalty for non-compliance, Binance persists in growing in other parts of the world, such as Dubai, where they are acquiring necessary permits. The SEC advises Filipino users of Binance to wind down their activities or move their assets to regulated platforms.
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2024-04-24 02:44