Philippine SEC Requires Google and Apple Stores to Remove Binance App

The Philippine's Securities and Exchange Commission (SEC) issued a statement on Tuesday (April 23) stating that it is working with Google and Apple, requiring these companies to remove applications operated by crypto giant Binance from their app markets.

Emilio B. Aquino, SEC Chairman, said in the statement: "The SEC has identified [Binance] and concluded that the public's continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos."

Aquino explained that selling or offering unregistered securities to Filipinos and operating as an unregistered broker violates their Republic of the Philippines Act 8799, or the Securities Regulation Code (SRC).

According to the SEC investigation, Binance has been actively conducting promotional campaigns on social media to attract Filipinos to use its platforms for investment and trading activities. However, their platforms are neither authorized by the SEC nor do the group create or operate an exchange in compliance with the SRC's requirements.

As early as November 2023, the regulatory agency had reminded the public not to use the Binance platforms for investment and began planning to block the Binance's website and related online platforms in the Philippines.

In the latest announcement, the SEC urges Filipino investors who trade on the Binance platforms to immediately close their positions and/or transfer their cryptocurrencies held on the platform to their own crypto wallets or other account of virtual assets services providers with official registration in the Philippines.

As the world's largest cryptocurrency website, Binance has been hit by regulatory agencies in many countries, such as the United States​, the UK, Germany, Cyprus​ and India​, in recent years. Fazzaco will continue to pay attention to Binance's future development.