Source: Google/File
The Philippines’ Securities and Exchange Commission (SEC) has directed Google and Apple to remove Binance, a cryptocurrency exchange, from their respective app stores.
The regulator accused Binance of offering unregistered securities to Filipinos and operating as an unregistered broker, violating securities laws. SEC Chairperson Emilio Aquino stated that Binance’s presence in app stores jeopardizes the security of Filipino investors’ funds.
The move aims to curb Binance’s illegal activities in the country and safeguard the economy. The National Telecommunications Commission had previously blocked access to Binance’s websites in the Philippines.
Despite warnings from the SEC, Binance continued to promote its services on social media to attract Filipino investors. The SEC advises investors to close their positions on Binance or transfer their crypto holdings to registered exchanges.
This development compounds Binance’s recent challenges, including a change in CEO and legal disputes with U.S. regulatory authorities over money laundering and exchange operations.
Former CEO Changpeng Zhao faces charges under the Bank Secrecy Act and is expected to be sentenced on April 30.