The Philippine Securities and Exchange Commission (SEC) has directed Google and Apple to remove the Binance app from their respective app stores available to Filipino users. In a press release dated April 23, the SEC disclosed its collaboration with major tech companies to eliminate "apps operated by cryptocurrency giant Binance." Letters were sent to Google and Apple on April 19, urging the removal of these apps from their local markets. The SEC highlighted concerns about the security of Filipino investors' funds, deeming continued access to Binance's apps as a potential threat.
SEC Chairman Emilio B. Aquino emphasized that selling or offering unregistered securities to locals and functioning as an "unregistered broker" contravenes the securities regulations of the country. He stressed that removing the Binance app from digital app stores would aid in curbing the proliferation of Binance's alleged illegal activities in the Philippines. Aquino underscored the harmful impact these activities could have on the local economy if left unchecked.
This action follows the SEC and the National Telecommunications Commission (NTC) jointly blocking access to the Binance website on March 25. Since November 2023, the SEC has been cautioning the public against using Binance for investment purposes. The exchange, despite being one of the largest globally, has not obtained the necessary license to solicit investments from the public or operate a securities exchange for buying and selling assets.
On April 8, after officially banning Binance, SEC officials reiterated their earlier warnings and provided users with a three-month deadline, with an extension granted to facilitate fund withdrawals from the platform. Subsequent to this deadline, the SEC stated that it could not endorse any method for recovering funds from Binance, signaling a firm stance on the matter.
The move to block Binance aligns with a broader regulatory crackdown initiated on February 21 by the U.S. Securities and Exchange Commission (SEC) and the National Currency Trading Commission (NTC) aimed at halting unlicensed cryptocurrency trading platforms. Despite this regulatory turbulence, Binance announced plans to re-enter the Indian market on April 18, following a $2 million fine for prior non-compliance with local regulations. Simultaneously, reports emerged regarding Binance obtaining a Dubai crypto license, known as the Virtual Asset Service Provider (VASP) license, after co-founder Changpeng Zhao relinquished his voting rights to a local entity in Dubai.
