SEC Philippines Calls on Google and Apple to Remove Binance App

The Securities and Exchange Commission (SEC) of the Philippines is taking decisive action against cryptocurrency giant Binance by calling on Google and Apple to remove its app.

Sec Philippines

The Securities and Exchange Commission (SEC) of the Philippines has issued a strong statement to Google and Apple, requesting these companies to remove Binance’s applications from the Google Play Store and Apple App Store in the country. This action by the SEC Philippines is based on concerns regarding the security of investment funds of Filipino citizens.

SEC Chairman Emilio B. Aquino emphasized the threats posed by the Binance platform, particularly the selling of unregistered securities and operating as an unregistered broker, which violates the country’s Securities Regulation Code. Aquino made it clear that removing these applications is crucial to prevent the increase of illegal activities and to protect citizens’ investments from potential economic risks.

This move by the SEC follows previous efforts, including requests from the National Telecommunications Commission to block access to Binance’s websites in the Philippines. Since November 2023, the SEC has been actively warning the public against investing in or using Binance’s services, indicating an increased monitoring of the platform’s activities in the country.

Philippines Binance.jpg
Philippines Binance.jpg

While Binance offers a range of financial products and services, from spot trading with leverage, futures contracts, options contracts, to crypto savings accounts, betting services, and a platform for Initial Coin Offerings (ICOs), it has not received approval from the SEC to attract investments or operate as a securities exchange, as required by Philippine law.

Related: Binance Exchange Delists Four Coins: ANT, MULTI, VAI, XMR

The SEC Philippines advises Filipino citizens who hold assets on Binance to be cautious and consider transitioning to registered cryptocurrency wallets or accounts with legally authorized service providers in the Philippines.

As one of the largest cryptocurrency platforms globally, with an average daily trading volume of $65 billion USD and over 183 million members, the legal challenges

Binance faces in the Philippines highlight significant concerns. This raises questions about the supervision of digital asset exchanges and protecting investors in the rapidly evolving cryptocurrency landscape.

(1 vote)

5.0/5

(1 vote)
  1. Avatar of
    Anonymous

    This best project.i like it.

Comments are closed.

Latest

Binance Completes Gopax Acquisition, Paving The Way For A South Korean Comeback

News | Editor Choice | Policy & Regulations

Binance Completes Gopax Acquisition, Paving the Way for a South Korean Comeback

According to a report from South Korean outlet MK, the world’s largest cryptocurrency exchange Binance has officially completed its acquisition of Gopax, one of the five licensed digital asset exchanges in South Korea.

Why Hyperliquid Is Becoming Unstoppable

News | Altcoin | Editor Choice

After the Crash and Scandal: Why Hyperliquid Is Becoming Unstoppable

Amid record-breaking liquidations and a listing scandal that rocked Binance, Hyperliquid has risen as DeFi’s “fortress of steel” — a living testament to the true power of transparency and decentralization.

Bitcoin Faces A Disastrous Year As Uptober Turns Into Floptober

News | Bitcoin | Editor Choice

Bitcoin Faces a Disastrous Year as Uptober Turns into Floptober

Once expected to soar during “Uptober,” Bitcoin has instead stumbled into one of its worst years ever, turning the traditionally bullish month into a gloomy “Floptober.”

Us Seizes $15 Billion In Bitcoin, Hunts Cambodian Tycoon

News | Bitcoin | Editor Choice

US Seizes $15 Billion in Bitcoin, Hunts Cambodian Tycoon in World-Shaking Crypto Fraud Case

Global financial markets are reeling after the US Department of Justice unveiled what it calls the largest cryptocurrency fraud case in history, implicating Cambodian businessman Chen Zhi, chairman of Prince Holding Group.

Investors In Panic, Binance Flooded With Sell Orders

News | Altcoin | Editor Choice

Investors in Panic, Binance Flooded with Sell Orders

After a historic crash that wiped out more than $19 billion in market capitalization within hours, the crypto market is still struggling to recover. Fresh data from CryptoQuant reveals a deepening wave of pessimism across Binance, as traders rush to deposit funds and trigger massive sell orders.

Screenshot 2025 09 10 100533