The Security and Exchange Commission (SEC) of the Philippines has issued directives to Apple and Google, instructing them to remove the Binance app from their app stores for users located in the Philippines.
In a press release dated April 23, the SEC disclosed its collaboration with Apple and Google to eliminate applications affiliated with Binance, a cryptocurrency company. It was confirmed that both tech giants received individual notifications to this effect on April 19.
According to the SEC’s statement, the continuous accessibility of Binance’s platforms poses a potential threat to the financial security of Filipino investors.
Chairman of the SEC, Emilio Aquino, emphasized that Binance is unlawfully offering unregistered securities and functioning as an unlicensed broker, violating the nation’s securities regulations.
Aquino further stressed that the removal of Binance applications from digital marketplaces by major tech companies would aid in curtailing illicit activities within the country’s securities sector.
This regulatory action by the SEC follows the prior blockage of access to Binance websites by both the SEC and the National Telecommunications Commission (NTC) on March 25. Since November 2023, the Philippines SEC has cautioned citizens against utilizing Binance for investment, citing the absence of proper licensing to solicit public investments or operate a securities exchange.
