Philippine SEC demands removal of Binance from app stores
Key Takeaways
- The Philippines SEC has ordered Google and Apple to remove the Binance app due to lack of required licenses.
- SEC Chairman Emilio B. Aquino emphasized that Binance’s activities pose risks to Filipino investors.
- This move is part of the Philippine SEC’s efforts to regulate the cryptocurrency market.
The Philippine Securities and Exchange Commission (SEC) Ordered Google and Apple to remove Binance cryptocurrency app from app stores. This is for Filipino users.
The decision was announced in a press release by the Philippine SEC on April 23.
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SEC Chairman Emilio B. Aquino commented: Binance was operating as an “unregistered broker”, offering unregistered securities to local users. This is a violation of the country’s securities regulations.
He emphasized that the app should be deleted. Prevent illegal financial activities and protect the public. Statement:
The SEC <바이낸스>and concluded that the public’s continued access to these websites/apps poses a threat to the security of Philippine investment funds.
This action builds on previous actions. that much The SEC and National Telecommunications Commission (NTC) have blocked access to the Binance website. From March 25th.
Philippine SEC Warns public against using unlicensed cryptocurrency exchanges Removing the Binance app is another step in the agency’s efforts to ensure financial security by regulating cryptocurrency markets.
This situation is consistent with similar actions taken against Binance in other countries, including Canada, where the cryptocurrency exchange was accused of offering unregistered cryptocurrency derivatives.
In contrast, Binance recently obtained a Virtual Asset Service Provider (VASP) license in Dubai, demonstrating its extensive experience with global regulatory environments.
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