Discover why the Philippines Orders Removal of Binance from App Stores. Understand the implications of this decision in the world of cryptocurrency trading.
Google and Apple have been directed by the Philippines’ Securities and Exchange Commission (SEC) to take down cryptocurrency exchange Binance from their app stores.
According to a press release issued by the regulator on Tuesday, it had written to Google and Apple, asking that apps under Binance’s supervision be taken down from the respective stores.
The public’s continuous access to Binance websites and applications, according to SEC Chairperson Emilio Aquino, “poses a threat to the security of Filipinos’ investment funds.”
The agency said that Binance was breaking the securities laws of the Philippines by acting as an unlicensed broker and providing unregistered securities to Filipino investors.
When CNBC asked Binance, Google, and Apple, they were not immediately available for comment.
Blocking Binance from the Google and Apple app stores, according to Aquino, “will help prevent the further spread of its illegal activities in the country and protect the investing public from its adverse effects on our economy.”
The Philippine National Telecommunications Commission has already taken action to prevent access to Binance websites within the nation.
According to the SEC, it started looking into the prospect of prohibiting Binance’s services in the Philippines as early as November of last year and had previously advised the Filipino public not to use Binance.
According to the SEC, Binance is aggressively advertising its services on social media to raise money from Filipinos despite not having a license from the authorities.
According to the watchdog, Filipino investors in Binance are being urged to quickly liquidate their holdings or move their cryptocurrency to exchanges or wallets that are registered in the country.
The decision made by Binance increased its issues; in November 2023, after reaching a deal with the US government,
the business appointed Richard Tang, a former executive of the regulator of the United Arab Emirates, as its CEO mandated to pay fines totaling $4.3 billion. Alleged Violations of Money Laundering.
Changpeng Zhao, the former CEO of Binance, voluntarily resigned after being accused of breaking the Bank Secrecy Act. On April 30, Zhao’s sentencing is anticipated.
The US Securities and Exchange Commission and the Commodities Futures Trading Commission have each filed separate lawsuits against Binance for allegedly stealing customer funds and running an unlicensed, unlawful exchange in the US.
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