SEC orders Google, Apple to remove Binance in PH market

The order comes after the SEC also requested the blocking of Binance websites in the country.

Photo from Binance website

Preventing the proliferation of illegal activity

The Securities and Exchange Commission said in a statement that it is working with Google and Apple to remove Binance from app stores accessible to the Philippines.

It said separate letters were sent to the tech giants on April 19.

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 Chairperson Emilio B. Aquino said in the letter, noting that the sale or offer of unregistered securities to Filipinos and operating as an unregistered broker constitutes a violation of Republic Act no. 8799, or The Securities Regulation Code.

He added the removal of the platform would prevent the proliferation of its illegal activities and protect the public from its impact.

The SEC order comes after it has also requested the National Telecommunications Commission to block access to websites used by Binance.

Authorities warned against the use of Binance and studied the possible blocking of the platform in November 2023.

Binance offers a platform for trading financial instruments and investment products and a platform for initial coin offerings.

It has a membership of over 183 million, making it the largest cryptocurrency site in the world, according to its website.

The SEC said Binance has not secured a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities, as required by SRC.

Filipinos with investments in Binance were urged to immediately close their positions and/or transfer their cryptocurrency holdings to their own crypto wallets or in accounts with cryptocurrency service providers that are duly registered in the Philippines.

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Source: SEC