The Securities and Exchange Commission (SEC) of the Philippines to deactivate Binance from their app stores. A press release on Tuesday stated that the regulator had written to Google and Apple requesting that Binance-controlled applications be removed from the Google Play Store and Apple App Store.
According to Emilio Aquino, chair of the Securities and Exchange Commission, the public’s continued access to Binance’s websites and apps “threatens the security of Filipino investors’ funds.”
According to the agency, Binance operated as an unregistered broker and offered unregistered securities to Filipinos, violating Philippine securities laws. As of the time of this writing, neither nor Google nor Apple could be reached for comment.
According to Aquino, blocking from the Apple and Google app stores would help prevent “further proliferation of its illegal activities in the country and to protect investors from its negative economic effects.”
The National Telecommunications Commission of the Philippines has previously blocked access to website in the country.
Earlier this year, the SEC warned the public against using in the Philippines, and began examining the possibility of blocking Binance’s services there. According to the SEC, Binance has actively promoted its services on social media to attract funds from Filipinos, despite the fact that it is not licensed.
As a result, the watchdog is urging Filipinos who have invested to close their positions as soon as possible, or to transfer their crypto holdings to their own crypto wallets or exchanges registered in the country.
Richard Teng, formerly CEO of UAE regulator Abu Dhabi Global Markets, was appointed as Binance’s CEO following a settlement with the U.S. government that involves a $4.3 billion fine for alleged money laundering violations. In addition to the action,
Binance has been witness to a litany of woes recently.
Former CEO Changpeng Zhao has been charged with violating the Bank Secrecy Act and has agreed to step down. Zhao’s sentencing is scheduled for April 30.
Several lawsuits have been filed against by the Securities and Exchange Commission and the Commodity Futures Trading Commission regarding alleged mismanagement of customer assets and the operation of an illegal, unregistered exchange.
