Philippines orders removal of Binance from Google and Apple app stores

The Philippine Securities and Exchange Commission (SEC) has demanded that Google and Apple remove Binance, a prominent cryptocurrency exchange, from their app stores.

This action stems from allegations against Binance of unlawfully offering securities and operating as an unlicensed broker in the Philippines, which contravenes the country’s securities regulations.

The SEC, headed by Emilio Aquino, asserts that continued access to Binance through websites and apps jeopardizes the financial welfare of Filipino investors.

Binance has been actively promoting its services on social media to solicit funds from Filipino citizens, despite lacking authorization by the regulatory body.

The SEC is advising Filipinos invested in Binance to promptly liquidate their positions or transfer their cryptocurrency assets to private wallets or licensed Philippine exchanges.

The regulator’s actions are part of a broader campaign against Binance, which recently underwent a management shift.

The former CEO, Changpeng Zhao, was charged with violating the Bank Secrecy Act and has agreed to step down as his sentencing hearing nears.

Binance has also faced legal challenges in the United States, including allegations of mishandling customer assets and operating an illegal exchange.

These allegations have been brought forth by the US Securities and Exchange Commission and the Commodity Futures Trading Commission.

By removing Binance from their app stores, the Philippines’ SEC aims to curb the company’s illegal activities and protect investors from its potentially damaging effects on the economy.

This move by the Philippine authorities adds to Binance’s mounting legal and regulatory challenges.