As part of a significant move to safeguard investors and the local economy, the Philippines Securities and Exchange Commission (SEC) has ordered tech giants Apple and Google to remove the Binance cryptocurrency exchange app from their respective app stores for users in the country.
The SEC issued separate letters to the companies on April 19th, citing security threats posed by Binance’s continued operation in the Philippines without proper registration and licensing. The regulator accused Binance of illegally offering unregistered securities and operating as an unregistered broker, violating the nation’s securities laws.
“The public’s continued access to these Binance websites and apps poses a threat to the security of investing Filipinos’ funds,” emphasized SEC Chairperson Emilio B. Aquino. He stated that by removing the Binance app, the tech companies would help “prevent the further proliferation of its illegal activities” which could have “detrimental effects” on the Philippine economy.
This directive follows the SEC and the National Telecommunications Commission blocking access to Binance websites in the country on March 25th as part of a broader crackdown on unlicensed crypto trading platforms. The SEC had been warning the public against using Binance since November 2023, noting the exchange lacked necessary licenses to solicit investments or operate a securities exchange in the Philippines.
The regulatory action against Binance, one of the world’s largest cryptocurrency exchanges by trading volume, underscores the growing tensions between authorities and the rapidly evolving digital currency landscape. Investor protection and compliance with local laws have become paramount concerns as crypto adoption increases globally.
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Binance continues to face operational challenges in several countries. Few weeks ago, Nigerian government arraigned Binance executives on charges including tax evasion and money laundering. The case has been adjourned till May 17.
Recently, Binance paid a $2 million fine to re-enter the Indian market after previous non-compliance issues. The exchange was also forced to secure crypto license in Dubai, and position itself as a regulated Virtual Asset Service Provider in the region. It also faces a class-action lawsuit that has been slammed on it in Canada
As the situation unfolds, the responses from Binance, Apple, and Google, as well as the impact on Filipino investors, will be closely watched. This crackdown highlights the escalating efforts by regulators worldwide to bring oversight and investor safeguards to the cryptocurrency industry.
