2024-04-23 06:52:20 ET
The Philippines’ Securities and Exchange Commission (SEC) is the latest regulator to bring the regulatory war to global crypto exchange Binance.
Binance’s blocking in the Philippines is a development that first surfaced in November last year.
SEC asks Apple, Google to remove Binance app
An announcement the SEC published on Tuesday noted that the agency is pushing for the removal of Binance’s crypto app from the Google Play Store and Apple App Store in the country. The Philippines’ securities regulator reportedly sent the advisory to the two tech giants on April 19, 2024.
Commenting on the development, SEC Chair Emilio Aquino cited concerns around the risks the use of Binance’s apps and platforms poses to Filipinos in terms of investments.
SEC also alleges that Binance offers access to unregistered securities. The crypto company is also an unregistered broker, which makes its operations a violation of the Philippines’ Securities Regulation Code. Binance has not secured the necessary approvals or licenses in the country, Aquino noted.
The SEC’s letter to Google and Apple emphasized the need to have respective app stores or marketplaces remove the Binance app and block its websites to prevent any further access.
Binance’s regulatory hurdles
Philippines’ move comes a few months after India also blocked and ordered the removal of crypto apps for Binance and other exchanges from Google Play Store and Apple App Store in India.
While Binance has secured major regulatory licenses in various countries and jurisdictions, it has faced multiple setbacks and exited a few others.
The US SEC also sued the crypto exchange in 2023, and Binance agreed to a $4.3 billion settlement with the DOJ and other US regulators late last year.
As Invezz highlighted today, the world’s largest crypto exchange by volume is facing a new class-action lawsuit in Canada .
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