The Securities and Exchange Commission on Tuesday asked Google and Apple to remove the applications operated by cryptocurrency giant Binance in app marketplaces accessible in the Philippines.
In separate letters addressed to the search giant and the smartphone manufacturer, the SEC requested for the removal of applications controlled by Binance.com from Google Play Store and the Apple App Store, respectively.
“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 chairman Emilio B. Aquino said.
Removing and blocking Binance will “prevent the further proliferation of its illegal activities in the country and protect the investing public from its detrimental effects on our economy,” Aquino said.
This follows an earlier SEC request for the National Telecommunications Commission to block access to websites used by Binance to help stop its unauthorized investment solicitation activities in the country.
The SEC warned the public against investing in and using Binance and looked into possibly blocking Binance’s website and its other online presence in the Philippines as early as November 2023.
Binance offers a platform for the trading financial instruments and investment products, including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, even a platform for initial coin offerings.
Its trading activities covering more than 402 cryptocurrencies average USD65 billion daily. Its members number over 183 million, making it the largest cyprtocurrency site in the world, according to its website.
Binance has actively employed promotional campaigns on social media encouraging Filipinos to engage in investment and trading activities using its platforms.
Binance has neither secured a SEC license to solicit investments from the public nor create or operate an exchange for the buying and selling of securities, as required by the Securities Regulation Code.
