Emmanuel OchayiThe Philippines Security and Exchange Commission (SEC) has asked tech behemoths Apple and Google to remove the Binance app from their app stores for Filipino customers due to worries over the security of investors’ money.
This action comes after the National Telecommunications Commission (NTC) and the SEC blocked access to Binance websites on March 25.
“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. Binance selling or offering unregistered securities to locals and acting as an unregistered broker is against the laws of the country’s securities regulation.” SEC Chair Emilio Aquino’s Statement
Since November 2023, the Philippines SEC has issued warnings to its residents not to use Binance for investing since it does not have the required license to run an exchange or accept public deposits.
Users of Binance have three months to take their money out, after which the government will no longer allow withdrawals, according to the SEC.
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Regulators have challenged Binance in several nations, including Nigeria, Canada, and India. Two executives were arrested in Nigeria on suspicion of manipulating currencies.
A class-action lawsuit was brought against Binance in Canada because it violated local security regulations.
Nevertheless, Binance has obtained its cryptocurrency licence in Dubai and plans to reenter the Indian market following the payment of a punishment for breaking local laws.
The Philippine decision to remove them from app stores could affect local investors who use the site to trade cryptocurrencies. The SEC’s action, however, is intended to safeguard investor capital and avert possible losses brought on by Binance’s disregard for regional laws.
The decision by the Philippines SEC to ban the cryptocurrency app from app stores serves as a reminder of the continuous regulatory obstacles that cryptocurrency exchanges must overcome worldwide.
While governments around the world struggle to regulate cryptocurrencies, investors need to be on the lookout for potential dangers and compliance issues related to these platforms.
