The Philippine Securities and Exchange Commission (SEC) said it is working with Google and Apple to remove the Binance app from their app marketplaces for Filipino users, according to an April 23 statement.
The supervisor said:
“In separate letters addressed to Google and Apple dated April 19, the SEC requested the removal of applications operated by Binance.com from the Google Play Store and the Apple App Store, respectively.”
In the letter, SEC Chairman Emilio B. Aquino emphasized that removing Binance apps from the marketplaces would help thwart the further spread of its illegal activities in the country.
According to the regulator’s head, Binance’s “sale or offer of unregistered securities to Filipinos and acting as an unregistered broker violates Republic Act No. 8799, or the Securities Regulation Code.”
At the time of writing, Binance has not yet responded Crypto Slates request for comment.
Recurring warnings
Since November 2023, the SEC has continuously warned the public against using Binance for investments, citing its lack of a license to solicit investments or operate a stock exchange.
Last month, the SEC and the National Telecommunications Commission (NTC) jointly blocked access to Binance websites, highlighting the need to “protect the public from unregistered investment products.”
Consequently, the regulator urged Google and Meta to cease Binance-related advertisements targeting Filipino users.
Regulatory issues
Binance is under intense scrutiny in multiple jurisdictions, including the United States, Great Britain, Nigeria and several European countries.
Last year, a culmination of investigations by federal agencies in the United States, such as the Department of Justice and the Commodity Futures Trading Commission (CFTC), resulted in a substantial $4 billion settlement with Binance. This settlement also led to the resignation of co-founder Changpeng Zhao from the position of CEO.
More recently, Binance has become embroiled in a legal dispute with Nigerian authorities over its failure to register and accusations of tax evasion.
Despite these hurdles, Binance has achieved notable victories in navigating regulatory landscapes. It recently secured major regulatory approvals in India and Dubai, indicating progress in its efforts to meet regulatory requirements in key markets.