cryptonews.com
The Philippines’ Securities and Exchange Commission (SEC) is working to remove Binance-linked applications from app marketplaces.
Apple and Google received separate requests on April 19. They were urged to remove the apps from their stores, according to a Tuesday announcement.
“The SEC has identified [Binance] and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC Chair Emilio Aquino said in the letters.
Aquino noted that offering unregistered securities to Filipinos and acting as an unregistered broker violates Republic Act no. 8799, or The Securities Regulation Code. He added that removing Binance’s applications will curb its illegal activities in the country.
Binance didn’t return Cryptonews’ request for comment by press time.
Philippines SEC Warns Public, Blocks Access to Binance
The move comes after the SEC moved to prevent access to Binance within the Philippines in November. This was part of an advisory warning the public against unregistered investment products.
According to the advisory, Binance’s operator is not a registered corporation in the Philippines. Also, the platform is not authorized to sell securities in the country.
The SEC further sought cooperation from Google and Meta to restrict online advertisements for Binance to social media users located in the Philippines. Additionally, the commission petitioned the National Telecommunications Commission and the Department of Information and Communications Technology to assist in blocking access to Binance within the country.
The SEC also pointed to Binance’s active social media campaigns targeting Filipino users for investment and trading purposes.
Binance’s Legal Battles Continue to Mount
Binance has been embroiled in a series of legal challenges around the world. In June, the US SEC sued the firm and its founder Changpeng Zhao. The regulator accused them of skirting US securities regulations.
Binance strongly denied these allegations and vowed to defend its platform.
Further complicating matters, the Commodity Futures Trading Commission (CFTC) followed suit in March, alleging that Binance and its founder violated US commodities laws.
Legal woes continued last week with a class-action lawsuit filed against Binance in Canada.