Philippines SEC Demands Binance App Removal From Google And Apple Stores

The Philippine Securities and Exchange Commission (SEC) has strongly ordered Google and Apple to remove mobile apps linked to leading cryptocurrency platform Binance from their platforms. SEC. letter The April 19 statement emphasizes the urgent need for this measure to protect local investors.

SEC Chairman Emilio B. Aquino emphasized the importance of this initiative, highlighting concerns about the safety of Filipino investors’ funds and possible violations of the Securities Regulation Act (Republic Act No. 8799). .

“The SEC [Binance] “We have concluded that the continued access of our citizens to these websites and apps poses a threat to the security of Filipinos’ investment funds,” Aquino said.

Philippine regulators said Binance’s continued availability through certain applications poses a serious risk to the financial security of Philippine investors. Importantly, selling unregistered securities or operating as an unlicensed broker violates regulatory standards.

Philippine authorities actively block Binance operations

Aquino said that by banning and disrupting Binance’s application, “we will prevent the further spread of illegal activities in the country and protect ordinary investors from the negative impact on our country’s economy.”

This regulatory intervention follows an earlier request by the SEC to the National Telecommunications Commission to block access to websites related to the exchange’s unauthorized investment solicitation activities in the Philippines.

The Philippine SEC will ban investment in or use of Binance’s services as early as November 2023, citing the platform’s lack of necessary licenses and potential risks to local investors. I was warning you. Regulators are actively considering measures to restrict the online presence of exchanges in the country.

In light of these developments, Philippine authorities are urging local residents holding assets on Binance to promptly close their positions or transfer their crypto holdings to their personal digital wallets or other properly registered cryptocurrencies in the country. They advise you to transfer it to a service company account.

Additionally, the SEC emphasizes that the exchange does not have any legal authorization to solicit public investment or manage the stock exchange, reflecting the SEC’s unwavering commitment to regulatory enforcement and protecting the interests of Filipino investors. did.

Related Books | Massive Ethereum Crazy: Justin Sun’s $405 Million Acquisition Storm

Related Article


Leave a Comment