Philippine SEC demands removal of Binance app from app stores
Date: 2024-04-24 Author: Gabriel Deangelo Categories: IN WORLD
Regulatory pressure on crypto exchanges
The Securities and Exchange Commission (SEC) of the Philippines has sent a request to Google and Apple demanding that the Binance exchange app be removed from the AppStore and Google Play. This marks the latest in a series of regulatory actions against the popular platform amid growing concerns.
Justification for the decision
Philippine SEC Chairman Emilio Aquino noted that public access to the Binance application poses a threat to investors. The regulator views Binance as an unregistered broker on the local market and considers it necessary to stop its activities.
Exchange reaction and consequences
At this time, Binance has not commented on this requirement. The Philippines SEC recommends that local users transfer their funds to crypto wallets or registered service provider accounts. The situation remains uncertain and it is not yet clear whether the app is available to Filipino users.
Developments
Measures to restrict access to unlicensed crypto exchanges in the Philippines began in early March 2024. The Philippine SEC is actively considering a complete ban on Binance, which has not registered in the country. Similar sanctions are also being considered in other countries, including Thailand.
