The Securities and Exchange Commission (SEC) is requesting that Google and Apple remove apps operated by the large crypto service Binance in the Philippines.
This request aims to remove Binance-led apps from Google Play and App Store to prevent illegal activities and protect Philippine investors, which could potentially harm the local economy.
“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,” said SEC Chairperson Emilio B. Aquino in a letter.
According to the SEC Chairperson, selling or offering unregistered securities to Filipinos and operating as an unregistered broker violates the Securities Regulation Code (Republic Act no. 8799).
This was followed after the commission asked the National Telecommunications Commission to block Binance websites in the country.
In November 2023, it also warned the public not to use the platform after discovering that the company was operating without a license to request investments.
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