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.
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.
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