Binance faces app removal in the Philippines over regulatory issues News ▸ Philippines ▸ Binance ▸ Regulation
Binance faces app removal in the Philippines over regulatory issues
The Philippines SEC has made recurring warnings about Binance's illegal operation within its jurisdiction.
2 min read
Updated: Apr. 23, 2024 at 12:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Philippines 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 regulator said:
“In separate letters addressed to Google and Apple dated April 19, the SEC has requested for the removal of applications controlled by Binance.com from Google Play Store and the Apple App Store, respectively.”
In the letter, Emilio B. Aquino, the SEC chair, emphasized that removing Binance apps from the marketplaces would help thwart the further spread of its illicit activities in the country.
According to the regulatory chief, Binance’s “sale or offer of unregistered securities to Filipinos and operating as an unregistered broker constitutes a violation of Republic Act no. 8799, or The Securities Regulation Code.”
As of press time, Binance has yet to respond to CryptoSlate’s request for comment.
Recurrent warnings
Since November 2023, the SEC has persistently cautioned the public against utilizing Binance for investment, citing its lack of a license to solicit investments or operate a securities exchange.
Last month, the SEC and the National Telecommunications Commission (NTC) jointly blocked access to Binance websites, highlighting the need to “safeguard 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 across multiple jurisdictions, including the United States, the UK, Nigeria, and various European nations.
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 prompted the resignation of its co-founder, Changpeng Zhao, from the position of CEO.
More recently, Binance has been entangled in a legal dispute with Nigerian authorities regarding its failure to register and accusations of tax evasion.
Despite these hurdles, Binance has notched notable victories in navigating regulatory landscapes. It has recently secured significant regulatory approvals in India and Dubai, indicating progress in its efforts to comply with legal requirements in key markets.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.