The Securities and Exchange Commission (SEC) of the Philippines has dealt a significant blow to cryptocurrency exchange Binance, mandating Google and Apple to remove all Binance-controlled apps from their respective app stores.
Unregistered Securities, Violated Laws
According to the SEC, Binance has been offering unregistered securities to Filipino investors and operating as an unregistered broker, thus defying the country’s securities laws. The agency emphasized the risk posed to Filipino investors by Binance’s continued accessibility.
“Blocking Binance from the app stores helps curtail their illicit operations within our borders and shields investors from their negative consequences on our economy,” remarked SEC Chairperson Emilio Aquino.
A Warning Ignored
As early as November 2023, the SEC alerted Filipinos against using Binance and contemplated blocking its services. Despite lacking regulatory approval, the exchange has aggressively promoted its offerings on social media to attract investment from Filipinos.
Filipino Investors Urged to Withdraw
The SEC strongly advises Filipino investors with funds on Binance to close their positions swiftly. They can either transfer their crypto assets to personal crypto wallets or licensed exchanges within the Philippines.
Binance’s String of Misfortunes
This action adds to Binance’s recent woes. In November 2023, CEO Changpeng Zhao stepped down following a .3 billion settlement with the U.S. government for alleged money laundering violations. Zhao faces sentencing on April 30.
Binance has also been sued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission for mishandling customer assets and allegedly operating an illegal exchange.
No Comment from Binance
Despite reaching out, Binance, Google, and Apple declined to issue comments. However, the National Telecommunications Commission of the Philippines has previously blocked access to Binance-related websites within the country.
Data sourced from: cnbc.com
