SEC Requests Removal of Binance App from Google and Apple Markets in Philippines

The Philippines Securities and Exchange Commission (SEC) has requested the removal of Binance apps from Google Play Store and the Apple App Store. The regulator considers Binance's operations illegal as it lacks registration to solicit investments or operate as a securities exchange, violating Republic Act no. 8799. This action is part of ongoing efforts to address Binance's regulatory challenges in multiple jurisdictions, including settlements with US agencies and legal disputes in Nigeria.

Philippines SEC Requests Google, Apple to Remove Binance App from Marketplaces

Manila, Philippines – In a significant move to safeguard Filipino investors, the Securities and Exchange Commission (SEC) has initiated steps to remove the Binance application from the Google Play Store and Apple App Store within the country.

Regulatory Concerns

The SEC has cited Binance's failure to obtain the necessary license to operate as a broker or solicit investments in the Philippines. This constitutes a violation of the Securities Regulation Code, which mandates the registration of all entities engaged in securities transactions.

"The SEC has repeatedly warned the public against investing in Binance, as it lacks the proper authorization to operate in the country," stated Emilio B. Aquino, SEC Chair. "Removing the Binance app from app marketplaces will curtail the proliferation of its unregistered activities."

Unlawful Practices

The SEC's concerns stem from Binance's alleged sale of unregistered securities to Filipino investors, constituting a violation of the law. The regulator emphasizes that such illicit practices pose a significant risk to unsuspecting individuals.

Wider Crackdown

The SEC's move is part of a broader crackdown on Binance in the Philippines. In November 2023, the SEC and National Telecommunications Commission (NTC) jointly blocked access to Binance websites, citing the need to protect investors from unregistered investment products.

Global Scrutiny

Binance has faced intense regulatory scrutiny in multiple jurisdictions worldwide. In 2023, a comprehensive investigation by United States federal agencies resulted in a substantial $4 billion settlement with the exchange. The investigation also led to the resignation of Binance CEO Changpeng Zhao.

Binance has also encountered legal challenges in Nigeria, where it is accused of failing to register and evading taxes.

Compliance Efforts

Despite these setbacks, Binance has made progress in addressing regulatory concerns. The exchange has recently secured regulatory approvals in India and Dubai, indicating its willingness to comply with legal requirements in key markets.

Investor Protection

The SEC's actions are designed to safeguard Filipino investors by preventing them from engaging with unregistered entities like Binance. The regulator emphasizes the importance of investing only with licensed and regulated financial institutions.

Media Inquiries

For further information, media outlets are advised to contact the SEC's Public Relations Department at [email protected]

End of Release