Philippine SEC Targets Binance Apps for Removal

Philippine SEC has requested Apple and Google to remove Binance’s apps from their stores due to concerns about investors safety.

The Philippine Securities and Exchange Commission (SEC) sent separate letters to digital giants Apple and Google, requesting the removal of applications developed by Binance, a worldwide cryptocurrency exchange, from the local App Store and Google Play.

In response to the agency’s decision, Philippine Securities and Exchange Commission Chair Emilio B. Aquino voiced concerns about the safety of Filipino investors’ money if they kept using Binance’s services. He emphasized that violating Republic Act No. 8799, The Securities Regulation Code, by selling or offering unregistered securities to Filipinos or acting as an unregistered broker is a serious offense.

The removal and restriction of Binance applications, according to Emilio B. Aquino, is an effort to stop the company’s illegal activities from spreading further within the country and protect investors from potential economic harm.

Worries Voiced by the Philippine SEC Regarding Binance’s Compliance with Regulations

The PSEC issued a public warning about Binance and investing in it as early as November of last year. Furthermore, the agency has begun looking into the possibility of blocking Binance’s website and other internet venues in the Philippines.

In March, the regulatory body repeated its attempts to block the top bitcoin exchange based on daily trade volumes. The platform did not have the proper regulatory license to operate in its jurisdiction; hence, this action was taken. The government agency also approached the National Telecommunications Commission (NTC) for help in removing links to Binance’s website.

Noting that such actions do not have regulatory authorization, the commission went on to criticize the platform for using social media advertising efforts to entice local investors.

Local Binance users scrambled to get their money out of the exchange when the news broke. As a result, vendors began discounting Tether’s USDT by 5–7 percent. When trading digital assets or moving them to other wallets or exchanges, retail customers encountered hefty on-chain costs.