- The Philippine SEC has directed Google and Apple to remove Binance from their app stores, citing security threats to Filipino investors’ funds
- Previous actions by the National Telecommunications Commission blocked access to Binance websites in the country
- Google and Apple have been formally requested to take down all Binance-related applications from their app stores
The Securities and Exchange Commission (SEC) of the Philippines this week issued a directive instructing Google and Apple to remove the Binance cryptocurrency exchange from their respective app stores. According to a statement released on Tuesday, the SEC disclosed that it had formally requested Google and Apple to take down all applications associated with Binance from the Google Play Store and Apple App Store, alleging that the company “poses a threat to the security of the funds of investing Filipinos.” The move follows previous measures taken by the Philippines’ National Telecommunications Commission to block access to Binance websites in the country.
Binance Crackdown Unsurprising
The SEC has previously cautioned the public against engaging with Binance and revealed that it has been evaluating the possibility of restricting Binance’s operations within the Philippines since November last year following the decision to block access. Despite lacking regulatory approval, Binance was found to be actively promoting its services on social media to attract investments from Filipino citizens, according to the SEC.
Emilio Aquino, Chairperson of the SEC, emphasized the potential risks posed by continued access to Binance platforms and applications, asserting that it undermines the security of Filipino investments. He also urged Filipino investors with holdings in Binance to close their positions immediately or transfer their cryptocurrency assets to licensed exchanges or wallets operating in the Philippines.
No Penalty, For Now
The statement accused Binance of offering unregistered securities and operating as an unlicensed broker, violating the securities regulations of the Philippines, an accusation that has been leveled at it by multiple jurisdictions.
Aquino also highlighted that the removal of Binance from the app stores would serve to mitigate the spread of illicit activities within the country and safeguard the economy from adverse impacts on investors.
While there is no sense from the statement that the SEC plans to impose a penalty on Binance, it may choose to do so if it feels its transgressions warrant it. Of course, it will almost certainly not match the $4.3 billion fine imposed last year by the US government for alleged money laundering violations.
