The Securities and Exchange Commission (SEC) in the Philippines has taken a bold step by ordering Google and Apple to remove the cryptocurrency exchange Binance from their respective app stores. This decision comes after the regulator deemed that allowing the Filipino public access to Binance sites and apps posed a significant threat to the security of investors’ funds in the country. SEC Chairperson Emilio Aquino emphasized the importance of protecting investors and enforcing securities laws in the Philippines.
The SEC accused Binance of offering unregistered securities to Filipinos and operating as an unregistered broker, which violates the country’s securities laws. This move by the SEC is aimed at preventing the further proliferation of illegal activities by Binance in the Philippines and safeguarding the economy from its detrimental effects. Despite these allegations, Binance, Google, and Apple have not yet provided any comments on the matter.
This is not the first time that regulatory authorities in the Philippines have taken action against Binance. The National Telecommunications Commission had previously blocked access to Binance websites in the country. The SEC had also issued warnings to the public against using Binance and had been considering blocking its services in the Philippines since November of the previous year. Despite the lack of regulatory approval, Binance has been actively promoting its services on social media to attract investments from Filipinos.
Binance has been facing a series of legal challenges, including a hefty fine imposed by the U.S. government for alleged money laundering violations. The former CEO of Binance, Changpeng Zhao, was charged with violating the Bank Secrecy Act and has agreed to step down from his position. The company has also been sued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission for mishandling customer assets and running an unregistered exchange in the U.S. Despite these legal hurdles, Binance appointed Richard Teng, the former chief of UAE regulator Abu Dhabi Global Markets, as its new CEO in November 2023.
The action taken by the Philippines’ SEC to remove Binance from Google and Apple app stores is a significant step towards protecting investors and enforcing regulatory compliance in the cryptocurrency market. As the regulatory landscape continues to evolve, it is crucial for companies like Binance to adhere to legal requirements and prioritize the security of investors’ funds.
Leave a Reply
You must be logged in to post a comment.