The SEC in the Philippines is aiming to take down the Binance app from both Google Play and Apple’s app marketplaces across the country.
On April 9th, the commission issued letters to Google and Apple asking them to take down apps enabling Binance’s trading platform access. This action followed the Philippine National Telecommunications Commission’s blocking of Binance’s website in March 2024.
According to SEC Chairperson Emilio B. Aquino’s letter, Binance is a concern identified by the SEC, and using the apps or websites could potentially put the savings of Filipino investors at risk.
Based on Aquino’s statement, Binance is alleged to have provided unregistered securities to Filipino residents, making it an unlicensed broker under Philippine law and in breach of the Securities Regulation Code.
According to GWI research findings, approximately 9.3 million people in the Philippines own cryptocurrencies, making it the seventh-largest country in terms of cryptocurrency ownership. Given Binance’s widespread use worldwide, it is likely that Binance processes a considerable portion of this market share.
Based on Aquino’s perspective, prohibiting the use of the Binance app within the country is intended to halt the spread of any illicit actions it may facilitate and safeguard the public from the potential harm it could cause to the economy.
In November 2023, the SEC first took action against Binance, the leading cryptocurrency exchange, for not having the necessary permit to run in the country. As a result, investors using Binance were allowed a three-month period to sell off their holdings on the platform before it was fully shut down.
To contribute to this initiative, the commission reached out to Google and Meta, asking them to temporarily halt Binance’s ads aimed at Filipino residents.
More recently, regulatory actions taken by the government of India have echoed those in other countries. First, the regulators requested that tech companies Apple and Google take down the Binance app from their platforms. Subsequently, they barred users within their borders from accessing Binance’s trading platform entirely by implementing a geographic restriction.
According to previous reports from crypto.news, Binance intends to come back to India as a legally compliant exchange following a large financial penalty. However, it remains uncertain if this strategy will also apply to the Philippines situation.
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2024-04-23 13:16