Coinspeaker
Philippines SEC Demand Binance Removal from Google and Apple App Stores

The Philippines Securities and Exchange Commission (SEC) has requested that the app of top crypto trading platform Binance be pulled down from both Google PlayStore and Apple App Store.

Binance Operates as an Unregistered Broker in the Philippines

The SEC Chair Emilio Aquino highlighted that the Securities regulator has identified Binance’s operation in the Philippines as a potential threat to the funds of investors in the region.

It is believed that the public’s continued access to Binance websites and apps puts them at risk. To this end, the agency is in close collaboration with Google and Apple to remove the application from their respective online stores that is accessible to Filipinos.

Separate letters, dated April 19, have been sent to the two tech companies regarding the matter. The allegations levied against Binance include the sales of unregistered securities and operating as an unregistered broker, which is a violation of the Securities Regulation code. Notably, thes...