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

Pi Network Faces Challenges Ahead Of Pi2day Amid Market Downturn

News | Editor Choice | Pi Network

Pi Network Faces Challenges Ahead of Pi2Day Amid Market Downturn

With just days left before Pi2Day, the Pi Network community is hoping for a price boost from major announcements — but geopolitical tensions and Pi Coin’s steep decline may dim those hopes.

What Does Former Binance Ceo Say As Bitcoin Falls Below $100k

News | Bitcoin | Editor Choice

What Does Former Binance CEO Say as Bitcoin Falls Below $100K?

As Bitcoin plunges below $100,000 amid geopolitical tensions, former Binance CEO Changpeng Zhao reassures the community that this is merely a dip before the next all-time high.

Pi Coin Founder’s Reaction To Being Called A Scammer

Editor Choice | Pi Network

Pi Coin Founder’s Reaction to Being Called a “Scammer”

While the price of PI is struggling around the 0.5 USD mark, the founder of Pi Network, Nicolas Kokkalis, has unexpectedly been labeled a "scammer."

Altcoin Plummets 80% Time To Test The Bottom Or A Recovery Opportunity

Altcoin | Editor Choice

Altcoin Plummets 80%: Time to Test the Bottom or a Recovery Opportunity?

The entire altcoin market has lost 80% of its value in just the past six months, even though BTC has maintained the 100k mark. Altcoins continue to search for a bottom, and this may present an opportunity for recovery.

Tether Mints Another 2 Billion Usdt As Bitcoin Reclaims $100k

News | Altcoin | Editor Choice

Tether Mints Another 2 Billion USDT as Bitcoin Reclaims $100K

Tether continues to draw attention as it mints another 2 billion USDT on the Tron network, just as Bitcoin bounces back above $100,000 and the crypto market begins to recover from recent geopolitical turbulence.