The Philippines Securities and Exchange Commission (SEC) has requested the removal of the Binance app from Google Play store and Apple’s app stores nationwide. This decision follows the blocking of Binance’s website by the Philippine National Telecommunications Commission in March 2024.

The SEC believes that Binance poses a threat to the security of funds for Filipino investors as it has been offering unregistered securities to residents. The commission has labeled Binance as an unregistered broker, violating the Securities Regulation Code.

With over 9.3 million cryptocurrency holders, the Philippines is the seventh-largest nation in terms of cryptocurrency ownership. Binance likely holds a significant portion of this market share globally.

The ban on the Binance app aims to prevent the further proliferation of illegal activities in the country and safeguard the public from its detrimental effects on the economy. This move aligns with similar actions taken by the Indian government against Binance.

In November 2023, the SEC cracked down on Binance for operating without a license in the Philippines, giving investors a three-month window to liquidate their positions. The commission also requested Google and Meta to pause Binance advertisements targeting Philippine residents.

Following the Indian government’s strategy, the Philippines has taken steps to remove the Binance app from app stores and block access to the trading platform. Binance is expected to return to India as a fully compliant platform after paying fines, but it is uncertain if a similar approach will be taken in the Philippines.

Post Views: 3