The Philippines’ SEC has reportedly ordered Apple and Google to remove Binance from their app stores.
The regulator shared the announcement on Tuesday, April 23rd. The SEC said both tech giants received different letters regarding the removal. Let’s discover more about this important news for Binance.
Philippines SEC Orders Apple and Google to Remove Binance App
SEC Chairperson, Emilio Aquino, said local access to the exchange was a “threat to the security of the funds of investing Filipinos.” The SEC also accused Binance of operating as an unlicensed broker and offering unregistered securities to local users.
The SEC notes that restricting access to the exchange would “prevent the further proliferation of its illegal activities in the country, and protect the investing public from its detrimental effects on our economy.”
The Philippine SEC has demanded the removal of @binance app from the Google Play Store and Apple App Store.https://t.co/fDEtZhyJOA pic.twitter.com/dWrt8pNFEa
— ICO Drops (@ICODrops) April 23, 2024
This comes weeks after the National Telecommunications Commission of the Philippines sought to restrict access to Binance websites within the nation. The regulator stated that it is pushing Filipino investors in Binance to either cancel their positions or move their crypto holdings to other registered platforms.
An SEC spokesperson revealed that they recently gave Binance users a three-month window to enable the withdrawal of their cash from the exchange. Afterward, the regulator warned that it could not “endorse” other methods of retrieving their funds.
Regulatory Pressure for Binance
Binance has faced regulatory tensions in recent months. The exchange has had difficulties in Nigeria, France, the Netherlands, and Cyprus. Interestingly, the exchange faced a new lawsuit in Canada claiming it violated local securities laws.
#Binance sued in Canada🇨🇦 for security Laws violation 👀 pic.twitter.com/aSC3rUeGFB
— Ajay Kashyap (@EverythingAjay) April 24, 2024
Last year, US regulators filed lawsuits against Binance for allegedly mishandling funds and running an unlicensed exchange within the country. Binance reached a settlement that involved Changpeng Zhao’s stepping down from the exchange.
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