The SEC Orders Google and Apple to Remove Binance from App Stores

Recently, the Securities and Exchange Commission (SEC) in the Philippines has taken a significant step by ordering Google and Apple to remove cryptocurrency exchange Binance from their app stores. The regulator cited concerns about the security of funds for Filipino investors due to Binance’s alleged activities in the country.

SEC Chairperson Emilio Aquino has expressed serious allegations against Binance, accusing the exchange of offering unregistered securities to Filipinos and operating as an unregistered broker. This action is a direct violation of the securities laws in the Philippines, according to the SEC.

Aquino emphasized the importance of blocking Binance from app stores to prevent the further proliferation of illegal activities in the country and to protect the investing public from adverse effects on the economy. The SEC’s goal is to safeguard Filipino investors and ensure the integrity of the financial system.

The National Telecommunications Commission in the Philippines had previously taken steps to block access to Binance’s websites in the country. The SEC had issued warnings to the public about using Binance services and had been considering blocking the exchange since November of the previous year.

In light of the regulatory action, the SEC is urging Filipino investors with holdings in Binance to close their positions immediately or transfer their assets to licensed crypto wallets or exchanges in the Philippines. This proactive approach aims to protect investors from potential financial risks.

This latest development adds to the challenges faced by Binance, including the recent appointment of a new CEO and a hefty fine imposed by U.S. authorities for money laundering violations. The exchange is also facing legal action from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.

The SEC’s decision to order the removal of Binance from Google and Apple app stores reflects the growing regulatory scrutiny facing cryptocurrency exchanges. Filipino investors are advised to exercise caution and ensure compliance with local laws when engaging in crypto transactions.