A new move has come from the Philippines, where Binance, the world's largest cryptocurrency exchange, has been experiencing problems since 2023.
Accordingly, in its official statement today, the Philippine SEC sent separate letters dated April 19 to Google and Apple. In these letters, he requested that applications controlled by Binance be removed from the Google Play Store and Apple App Store, respectively.
“The Securities and Exchange Commission (SEC) is working with Google and Apple to remove apps operated by cryptocurrency exchange Binance from app markets accessible in the Philippines.
In separate letters dated April 19 to Google and Apple, the SEC requested the removal of apps controlled by Binance.com from the Google Play Store and Apple App Store, respectively.”
SEC Chairman Emilio B. Aquino said in the letter, “The SEC made some findings about Binance and concluded that the public's constant access to these websites/applications poses a threat to the security of Filipinos' investment funds. Binance violates the laws of the country. At this point, removing and blocking Binance applications is illegal in the country.” “We think it will prevent further expansion of activities and protect the investing public from its harmful effects on our economy.” said.
It may be recalled that the Philippine SEC warned the public against investing in and using Binance and began working on the possible blocking of Binance's website and other online presence in the Philippines as early as November 2023.
At this point, the Philippine SEC states that it will continue to block Binance.
*This is not investment advice.