SEC pushes for removal of Binance from Apple, Google app stores

The Securities and Exchange Commission (SEC) said on Tuesday that it is now working with global tech giants Google and Apple to remove global crypto firm Binance from application marketplaces in the Philippines.

In an advisory, the SEC said it requested the removal of applications controlled by Binance.com from Google PlayStore and the Apple App Store in letters addressed to their respective operators dated April 19, 2024.

“The SEC has identified 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 Chairperson Emilio Aquino was quoted as saying in the letter.

In the letter, Aquino cited the need to remove and block Binance operations, as he noted that the sale or offer of unregistered securities to Filipinos and operating as an unregistered broker constitutes a violation of the Securities Regulation Code.

“(This will) prevent the further proliferation of its illegal activities in the country and protect the investing public from its detrimental effects on our economy,” he added.

This comes after the SEC asked the National Telecommunications Commission (NTC) to block access to websites used by Binance in the Philippines to help prevent unauthorized investment solicitation activities.

In March, the NTC directed all internet service providers in the Philippines to immediately block access to the Binance website.

Plans to have the platform blocked in the Philippines were announced by the SEC as early as November 2023, as the firm is not authorized to sell or offer securities in the country.

Binance presents itself as a facility for trading financial instruments and offers investment products, including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offerings.

The company currently has an average daily trading volume of $65 billion, covering more than 402 cryptocurrencies, with a membership of over 183 million, according to the platform's website.  —VBL, GMA Integrated News