The Securities and Exchange Commission (SEC) of the Philippines made a bold move by ordering Google and Apple to remove cryptocurrency exchange Binance from their app stores. The SEC expressed concerns about the threat Binance poses to the security of Filipino investors’ funds. This is a strong stance taken by the regulatory body against the exchange’s operations in the country.
SEC Chairperson Emilio Aquino accused Binance of offering unregistered securities to Filipinos and operating as an unregistered broker, which goes against the country’s securities laws. The regulator claims that Binance has been actively promoting its services on social media to attract funds from Filipinos without the necessary licensing. This raises serious concerns about the legality of Binance’s operations in the Philippines.
Aquino emphasized the importance of blocking Binance from the app stores to prevent the further proliferation of its illegal activities in the country. The regulator’s goal is to protect the investing public from the detrimental effects Binance’s unauthorized operations could have on the economy. This proactive approach aims to safeguard the interests of Filipino investors and maintain the integrity of the financial system.
The SEC’s action adds to a series of legal troubles for Binance, including a recent CEO replacement and a hefty fine imposed by the U.S. government for alleged money laundering violations. Former Binance CEO Changpeng Zhao is facing charges related to violating the Bank Secrecy Act and has agreed to step down. Binance is also facing lawsuits from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission over mishandling customer assets and illegal exchange operation in the U.S.
The Philippines SEC’s decision to order the removal of Binance from Google and Apple app stores underscores the regulator’s commitment to upholding securities laws and protecting investors. The allegations against Binance raise serious concerns about the exchange’s operations and the need for regulatory oversight in the cryptocurrency market. This case serves as a reminder of the importance of due diligence and compliance with regulations in the rapidly evolving digital asset landscape.