Hard blow for Binance in the Philippines, the SEC orders the removal of the app

The Securities and Exchange Commission (SEC) of the Philippines recently ordered Google and Apple to remove the Binance app from their respective app stores, citing threats to investor safety and the local economy. What is the futur of Binance in the Philippines?

SEC takes action against Binance by ordering removal of its app

Philippine regulators step up efforts to crack down on the activities of Binance on April 23, the SEC announced to have sent letters to Google and Apple demanding the removal of Binance applications from their stores for Filipino users. This decision follows the blocking access to Binance by SEC and the National Telecommunications Commission (NTC) March 25.

The SEC of the Philippines has identified Binance as a threat to the security of funds of Filipino investors.

The SEC ChairmanEmilio B. Aquino states that Binance infringes the country’s securities regulations by selling or offering unregistered securities to residents and acting as an unregistered broker.

Since November 2023, the SEC warns the public against the use of Binance to invest, pointing out that the crypto exchange platform has not obtained the licenses required to solicit investments from the public or operate a securities exchange.

Mr. Aquino pointed out that by eliminating applications Binance digital application markets, Google and Apple would help prevent the proliferation of illegal Binance activities in the country which could have detrimental effects on the local economy.

Binance navigates between regulatory challenges and international success

The decision of the SEC Binance’s move into the Philippines comes against a backdrop of increasing regulatory challenges worldwide. The exchange faces multiple legal hurdles in different countries.

Canada, Binance is facing a new class action lawsuit for alleged violation of local securities laws, which could have a significant impact on its operations in that country. In Nigeria, the platform and two of its executives are facing serious charges of local currency manipulation and tax evasion.

In India, the platform had to pay a $2 million fine for previous non-compliance with regulations before it could resume its activities. However, despite these setbacks, Binance has also recorded some notable regulatory successes recently. The exchange has obtained a coveted crypto license in Dubai after its co-founder, Changpeng Zhao, relinquished his voting rights in the exchange’s local entity.