Philippine regulator demands the blocking of Binance’s website and the removal of its iOS and Android apps

Officials explained their decision by the lack of registration of the exchange

23.04.2024 - 13:00

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2 min

What’s new? The Philippine Securities and Exchange Commission (SEC) has asked Apple and Google to remove the Binance crypto exchange app from the App Store and Google Play marketplaces. According to the press release, “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 statement

What else is known? The Commission began looking into the possibility of blocking Binance services in the Philippines back in November 2023. In a new filing, officials said the exchange is violating laws by operating without a broker’s license and offering unregistered securities to local investors.

They said removing Binance’s applications will “prevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy.”

The SEC also asked the National Telecommunications Commission to block Binance’s website.

Officials added that users of the exchange should close their positions and transfer crypto assets to personal wallets or accounts on registered platforms.

Canadian investors accused Binance of violating the securities law

They demanded that crypto derivatives transactions be canceled and compensation be paid

Last week, Thailand’s SEC also warned that it would begin compiling a list of unregistered crypto exchanges for further blocking. At the same time, investors will have time to withdraw their assets. The measures were taken as part of the fight against money laundering.

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