The Philippines Securities and Exchange Commission (SEC) has taken decisive action against Binance, a popular cryptocurrency exchange platform. The SEC has requested that Google and Apple remove Binance apps from their app marketplaces for Filipino users. This move comes in response to Binance’s alleged illicit activities in the country, including the sale of unregistered securities and operating as an unregistered broker. The SEC emphasized that such actions violate the Securities Regulation Code in the Philippines.
As of now, Binance has not provided any comment on the SEC’s request. The removal of Binance apps from Google Play Store and the Apple App Store would help prevent further spread of potentially harmful activities by the exchange platform. This action is part of the SEC’s ongoing efforts to protect Filipino investors and ensure compliance with regulatory standards in the financial market.
Binance is facing increasing scrutiny on a global scale, with regulators in the United States, the UK, Nigeria, and various European countries closely monitoring its operations. Last year, Binance reached a $4 billion settlement with federal agencies in the US, leading to the resignation of its CEO. More recently, Binance has been involved in legal disputes with Nigerian authorities over registration and tax evasion issues.
Despite facing challenges in multiple jurisdictions, Binance has made progress in obtaining regulatory approvals in markets such as India and Dubai. These approvals indicate that Binance is actively working towards compliance with legal requirements and standards in key markets around the world.
The partnership between the Philippines SEC, Google, and Apple to remove the Binance app reflects the growing regulatory scrutiny on cryptocurrency exchanges. Binance’s ability to navigate these challenges while also securing regulatory approvals in key markets demonstrates its commitment to compliance and regulation in the ever-evolving cryptocurrency industry.
