The Philippine Securities and Exchange Commission (SEC) has formally requested Google and Apple to remove Binance’s applications from their app stores. This action stems from concerns regarding the security of Filipino investors’ funds. The SEC alleges that Binance violates Philippine laws and poses a significant threat to the nation’s economy.
In a letter addressed to Google and Apple, SEC Chairman Emilio B. Aquino emphasized the findings that led to the decision. The SEC’s investigations revealed that the ongoing accessibility of Binance’s platforms poses a direct risk to the security of investment funds held by Filipinos. Aquino reiterated that Binance’s operations are in violation of Philippine laws.
Aquino further elaborated that the SEC views the continued availability of Binance’s applications as illegal within the country. The SEC believes that removing these applications will curb further expansion of Binance’s activities and safeguard Filipino investors from potential economic harm.
This move by the SEC follows previous warnings issued in November 2023 regarding the risks associated with investing in and using Binance. Since then, the SEC has been actively pursuing measures to block Binance’s website and other online presence in the Philippines.
The Philippine SEC has affirmed its commitment to maintaining the blockade on Binance’s platforms, indicating a firm stance against the cryptocurrency exchange’s operations within the country.
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