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Philippines Bans Binance from App Stores

23 Apr, 2024 Crypto News

Philippines Bans Binance from App Stores

The Philippines Securities and Exchange Commission (SEC) has taken stringent measures against Binance by ordering tech giants Google and Apple to remove the cryptocurrency exchange's app from their app stores in the Philippines.

This decision was disclosed in a press release on April 23, following the SEC's assessment that Binance's operations pose a risk to the security of Filipino investors' funds.

The SEC sent out letters to both companies on April 19, directing the removal of Binance's applications from their local digital marketplaces.

The SEC's move is part of a broader effort to clamp down on unregulated financial activities, citing Binance's involvement in selling unregistered securities and operating as an unregistered broker, which contravenes local securities laws.

Emilio B. Aquino, chair of the SEC, articulated that the removal of Binance's apps is crucial to curbing the proliferation of its illegal activities in the country, which he described as potentially detrimental to the local economy.

This action builds on earlier measures, including the blocking of Binance's websites by the SEC and the National Telecommunications Commission (NTC) on March 25.

The regulatory body has been cautioning the public against engaging with Binance since November 2023, noting that the exchange has not obtained the necessary licenses to solicit public investments or operate a securities exchange within the Philippines.

In the wake of officially banning Binance on April 8, the SEC had provided a grace period of three months, with an extension, for users to withdraw their funds from the platform.

These developments are part of a wider regulatory crackdown initiated on February 21, targeting unlicensed crypto trading platforms, although Binance was initially not affected by this earlier action.

In contrast to its regulatory challenges in the Philippines, Binance has made some headway in other regions.

It recently announced its return to the Indian market after settling a $2 million fine for past regulatory non-compliance and secured a Virtual Asset Service Provider (VASP) license in Dubai after significant corporate restructuring, including the relinquishment of voting power by co-founder Changpeng Zhao in the local entity.

These events highlight the complex and varying regulatory landscape that Binance navigates across different global markets.

Sources:

https://cointelegraph.com/news/philippines-sec-apple-google-remove-binance-app-stores

https://www.sec.gov.ph/pr-2024/sec-moves-to-remove-binance-app-in-google-apple-app-store/#gsc.tab=0

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