Apple and Google instructed by Philippines SEC to take down Binance from app stores

The Philippines Securities and Exchange Commission (SEC) has taken action against Google and Apple, ordering them to remove the Binance app from their app stores in the Philippines. The SEC stated that it is collaborating with the tech giants to eliminate the “applications operated by cryptocurrency giant Binance” from the local marketplaces. The SEC sent separate letters to Google and Apple on April 19, requesting the removal of the apps due to violations of the country’s securities regulations. Emilio B. Aquino, the chair of the SEC, emphasized that selling unregistered securities to locals and operating as an unregistered broker is against the law. Aquino stated that removing Binance applications from digital app marketplaces would help prevent the further spread of illegal activities in the country, which could have detrimental effects on the local economy. This move follows the SEC and the National Telecommunications Commission’s decision to block access to Binance websites on March 25. The SEC has been cautioning the public against using Binance for investments since November 2023, highlighting that the crypto exchange lacks the necessary license to solicit investments or operate a securities exchange. On April 8, an SEC official reiterated that users were given a three-month period, with an extension, to withdraw their funds from Binance after the official ban was enforced. After this period, the SEC stated that it cannot endorse any methods for retrieving funds. This crackdown on Binance comes after the SEC and the NTC took action on February 21 to block and ban unlicensed crypto trading platforms in the Philippines, with Binance remaining unaffected at that time. Binance has faced regulatory challenges in various countries, including a recent class-action lawsuit in Canada for alleged violations of local securities laws. On a positive note, Binance announced on April 18 that it will resume operations in India after paying a $2 million fine for previous non-compliance with local regulations. Additionally, Binance received its crypto license in Dubai, also known as the Virtual Asset Service Provider (VASP) license, on the same day.