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May 27, 2024

SEC urges Google, Apple to ban Binance apps over regulatory concerns

The Securities and Exchange Commission (SEC) has called on technology giants Google and Apple to remove apps associated with cryptocurrency exchange Binance from their platforms.

SEC is taking action against Binance for offering unregistered securities and operating without a brokerage license in violation of Republic Act No. 8799, also known as the Securities Regulation Code.

SEC chairperson Emilio B. Aquino said these violations by Binance pose significant risks to Filipino investors and could adversely affect the national economy.

Aquino emphasized the urgency of discontinuing Binance’s services in the country to prevent the proliferation of its illegal activities.

This request is part of a broader crackdown initiated by the SEC in November 2023, which includes proposals to block access to Binance’s websites and restrict its online activities within the Philippines.

Despite being the largest cryptocurrency exchange globally with a daily trading volume of $65 billion and over 183 million users, Binance has not secured the necessary approvals from the Philippine SEC to legally solicit investments or operate a securities exchange.

The SEC is urging Filipino investors to close their positions with Binance and transfer their assets to service providers that are duly registered in the Philippines, as part of efforts to safeguard investors from potential risks associated with unregulated entities.