News View Non-AMP

Philippines SEC Warns Public, Blocks Binance from Google, Apple App Stores

Published by
Qadir AK

The Philippines Securities and Exchange Commission (SEC) has taken a significant step by requesting Google and Apple to remove applications operated by Binance from their app stores. This move comes amid concerns about the security of investor funds and potential violations of securities regulations by Binance, a major cryptocurrency exchange. 

After Nigeria, Canada, India, and the Philippines Block Binance

Despite Binance’s global prominence, the SEC in the Philippines has flagged Binance, a popular cryptocurrency exchange, for operating without proper registration and authorization to sell securities in the country. 

Notably, SEC Chairperson Emilio B. Aquino highlighted the seriousness of the situation, pointing out that Binance’s activities may affect Filipino investors. Binance allegedly sold crypto derivative products without proper registration, violating Republic Act No. 8799, also known as the Securities Regulation Code. By asking Google and Apple to remove Binance-related apps, the SEC aims to prevent further illegal sales of investments from Filipinos.

As a result, the SEC has also requested cooperation from tech giants like Google and Meta to limit online advertisements for Binance to Filipino social media users. Furthermore, the SEC has urged government agencies to assist in blocking access to Binance within the country due to concerns over its active social media campaigns targeting Filipino users for investment and trading activities.

As a precautionary measure, Filipino investors are urged to take action by closing their positions on Binance and transferring their cryptocurrency holdings to duly registered service providers. This proactive approach aims to safeguard investors’ interests and maintain market integrity in the face of regulatory threats posed by unregulated crypto exchanges.

Also Check Out : Canada’s Ontario Court Sues Binance Over Alleged Securities Violations: Investors Wronged?

The SEC is making sure Binance plays by the rules in the Philippines. They’re taking all actions to protect people who invest money and keep the financial system safe. This shows they’re keeping a close eye on cryptocurrency exchanges to prevent any problems that could harm investors or the market. 

Binance has been facing many legal problems lately. In June, the US SEC sued Binance and its founder for not following US financial rules. Binance says they didn’t do anything wrong and will fight the accusations. Then, in March, the Commodity Futures Trading Commission (CFTC) also accused Binance of breaking US laws about commodities. Now, a group of people is suing Binance in Canada.

Read Also : Nadeem Anjarwalla: Binance Executive Arrested In Kenya, Extradition To Nigeria This Week

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Bitcoin Price Prediction-Here’s What’s Incoming for the BTC Price Rally This Week

The crypto markets are displaying significant strength since the early trading hours, with the prices…

April 28, 2025

Supra Unveils AutoFi and SupraNova to Transform Cross-Chain DeFi

According to Supra, the future of DeFi is omnichain and fully interoperable, because therein lie…

April 28, 2025

This $0.025 Token Is on Track for a 3400% Run, According to Market Analysts

In a crypto market where many tokens are competing for visibility, only a few stand…

April 28, 2025

Here’s When Altcoins Will Rally

Crypto markets started the week with a bullish tone on Monday, with Bitcoin trading above…

April 28, 2025

Serum Price Prediction 2025, 2026, 2030: When Will SRM Price Revisit $13?

Story Highlights The live price of the SRM token is Serum coin price may reach…

April 28, 2025

US Recession Looming in 2025? Experts Warn the Trade War Could Push Us There!

The talk of a possible US recession in 2025 is getting louder, and it’s all…

April 28, 2025