The Philippine regulatory authority, known as the Philippine Securities and Exchange Commission ( SEC ), wants to remove various apps linked to Binance from app stores.
According to an announcement on Tuesday, Apple and Google received requests to remove the app from their platforms on April 19.
In the letter, Emilio Aquino, SEC Chairman, noted that they have evaluated Binance and found that allowing the public to access these applications/websites will affect the financial security of Philippine investors .
Aquino emphasized that offering unregistered securities to Filipinos and acting as a broker without meeting registration requirements are among the acts contrary to Republic Act No. 8799, Securities Regulation Code.
He also added that removing the exchange's applications will contribute to ending illegal activities in the country.
Philippine SEC warns users and imposes restrictions on Binance
This announcement comes after the SEC decided to shut down Binance operations in the Philippines in November by issuing a notice warning people about unauthorized investment services.
The regulatory alert said the exchange operator is not licensed as a company in the Philippines.
In addition, the practice of selling domestic securities is not allowed. Likewise, Google and Meta are also being sought by the Securities and Exchange Commission to help reduce Binance advertising on social networks targeting Filipino users as well.
In this context, the commission sought help from the National Telecommunications Commission and the Ministry of Information and Communications Technology to ban access to the exchange in the country.
Additionally, the SEC highlighted Binance's enhanced social media marketing, specifically aimed at attracting Filipino investors and traders.
Binance's legal issues
Binance has been involved in a number of litigation cases worldwide. In June, the US Securities and Exchange Commission filed a lawsuit against the company and its CEO Changpeng Zhao for evading US securities laws.
However, Binance has vehemently denied these accusations and vowed to protect its platform.
To make matters worse, the Commodity Futures Trading Commission (CFTC) also charged Baltimore's Binance and Zhao with violating US commodity regulations in March.
Additionally, Binance is being sued in Canada in a representative action.
General Bitcoin News.
