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.
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.
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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.
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