Key Points
- The Philippines SEC is seeking to remove the Binance app from Google Play and Apple’s app stores.
- Binance is accused of offering unregistered securities to Philippine residents, posing a threat to Filipino investors’ funds.
The Philippines Securities and Exchange Commission (SEC) is taking steps to have the Binance app removed from the Google Play Store and Apple’s app stores across the country.
On April 9, the SEC sent letters to both Google and Apple, asking for the removal of the applications that facilitate access to Binance’s trading platform. This action follows the blocking of the leading cryptocurrency exchange’s website by the Philippine National Telecommunications Commission in March 2024.
Reasons for the Crackdown
The SEC has concluded that the continued public access to these apps and websites poses a risk to Filipino investors’ funds. SEC Chairperson Emilio B. Aquino stated that Binance has been found guilty of offering unregistered securities to Philippine residents, labeling it an unregistered broker in violation of the Securities Regulation Code.
Data from GWI research suggests that the Philippines is home to over 9.3 million cryptocurrency holders, making it the seventh-largest nation in terms of cryptocurrency ownership. Given Binance’s global popularity, it is likely that it handles a significant portion of this market share.
Further Actions
Aquino believes that banning the Binance app will help curb its illegal activities in the country and protect the public from its harmful effects on the economy. The SEC first targeted Binance in November 2023, citing its lack of a license to operate in the country. Binance users were given a three-month period to liquidate their positions on the platform.
In addition to this, the commission reached out to Google and Meta, requesting a halt to Binance advertisements targeting Philippine residents. This recent action is similar to measures taken by the Indian government, which also blocked access to Binance. The regulators first asked Apple and Google to remove the Binance app, then completely denied access to the platform by placing a geoblock on the exchange’s trading platform.
Binance is expected to return to India as a fully compliant platform after paying a substantial fine. However, it remains uncertain whether the company will adopt a similar approach in the Philippines.
