The Philippine Securities and Exchange Commission (PSEC) has instructed Google and Apple to take down the Binance app from their app stores but only for users in the Philippines.
This action is due to concerns about security risks for investors and the possible negative impact on the local economy.
Philippine SEC Presses Tech Giants to Remove Binance Apps
In a recent press release dated April 23, the Philippine Securities and Exchange Commission (PSEC) announced its collaboration with major tech companies to remove applications associated with cryptocurrency giant Binance. The SEC issued separate letters to Google and Apple on April 19, urging them to take down Binance apps from their local app marketplaces.
PSEC Chair Emilio B. Aquino underscored that the sale or offering of unregistered securities to local investors, as well as operating as an unregistered broker, violates the country’s securities regulations. Aquino emphasized that the removal of Binance apps would aid in preventing the further spread of its allegedly illegal activities in the country, which could have adverse effects on the local economy.
The press release highlighted the SEC’s identification of Binance and its determination that continued access to Binance websites and apps poses a threat to the security of Filipino investors’ funds.
Philippine Authorities Continue Crackdown on Binance
Following the decision by the Philippine Securities and Exchange Commission (SEC) and the National Telecommunications Commission (NTC) to block access to Binance websites on March 25, the SEC has intensified its efforts against the cryptocurrency exchange. Since November 2023, the SEC has been cautioning the public against using Binance for investment purposes, citing its lack of a license to solicit investments or operate a securities exchange.
On April 8, an SEC official reiterated the ban on Binance, stating that users were given a three-month period, with an extension, to withdraw funds. After this grace period, the SEC declared that it could not endorse any methods for fund retrieval.
This crackdown is part of a broader initiative by the SEC and the NTC to target unlicensed crypto trading platforms in the country, which began on Feb. 21. Initially unaffected, Binance has now become a focal point of regulatory scrutiny in the Philippines.
Despite facing regulatory challenges in the Philippines, Binance has made strides in other jurisdictions. On April 18, the exchange announced its return to India after paying a $2 million fine for previous non-compliance with local regulations. Additionally, Binance obtained a crypto license in Dubai on the same day, following its co-founder Changpeng Zhao’s relinquishment of voting power in the exchange’s local entity.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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