[After Long Silence] Binance Assures PH Users Following SEC Demand; Google, Apple Urged to Hear All Sides
Binance also stressed that the situation is just temporary.
![Photo for the Article - [After Long Silence] Binance Assures PH Users Following SEC Demand; Google, Apple Urged to Hear All Sides](https://bitpinas.com/wp-content/uploads/2023/08/BitPinas-Banner.png "[After Long Silence] Binance Assures PH Users Following SEC Demand; Google, Apple Urged to Hear All Sides 1")
Following recent regulatory actions by the Philippine Securities and Exchange Commission (SEC), Binance has finally issued a statement addressing its users about the removal request of its app from Google Play Store and Apple App Store in the Philippines.
Meanwhile, both Google and Apple are urged to hear all sides in the issue, which meant listening as well to the side of Binance and its users, before considering to remove the app in their online marketplaces.
Table of Contents
SEC’s Demand for App Removal
The SEC requested that Google and Apple remove Binance’s applications, alleging violations involving the offer of unregistered securities and operating without a broker’s license under Republic Act No. 8799, or The Securities Regulation Code.
This step, the Commission said, is part of a broader crackdown to protect Filipino investors and prevent unauthorized investment activities.
Binance Response: PH Accessibility Issues are Temporary
Binance reassured its users through an open letter, emphasizing the security of their funds and the integrity of transactions despite the app’s removal.
The global exchange also said it is committed to comply with Philippine laws and its ongoing efforts to resolve the situation favorably.
Binance also stressed that the situation is just temporary:
It’s important to note that in spite of the temporary accessibility issues, Binance is committed to complying with local regulations and securing a beneficial outcome for our users.
Binance Statement
The exchange also warned against using third-party platforms for accessing Binance:
Please keep in mind that the unfolding situation is dynamic and complex. As we actively navigate this, we remind you the importance of staying informed and vigilant about third-party platforms claiming to provide access to Binance. We cannot endorse any unofficial methods for retrieving funds.
Binance
Nevertheless, Binance is promising to keep its users informed from now on.
We urge you to wait for official communications from our team. We will keep you updated on our progress and further actions.
Binance
This marks the first time that Binance released an official statement about its situation in the Philippines.
After the SEC released its advisory vs Binance in November 2023, the Binance spokesperson based in South Korea released a statement to the media:
“We acknowledge and respect the statement made by the Securities and Exchange Commission (SEC) of the Philippines. At Binance, we are committed to aligning with applicable local regulations. Under our new leadership, we have taken proactive steps to address the SEC’s concerns.”
Binance spokesperson
After that comment, Binance has not returned any request for comments from this publication and other media as well.
Apple, Google Urged to Hear Binance and Users Before Blocking Binance
Meanwhile in a statement, Atty. Rafael Padilla, who previously said the Binance website could not be blocked without court order, said Google and Apple should take the fair and reasonable approach of hearing other concerned parties—namely Binance and Philippine-based users—before blocking Binance’s mobile app.
Considering the sweeping one-sided claim of the Philippine SEC that Binance is violating Philippine securities law, Google and Apple should instead wait for this issue to be settled in court, instead of giving in to SEC’s request that only encourages the agency to continue its spaghetti-at-the-wall enforcement strategy.
Rafael Padilla, Author, Fintech: First Laws and Principles
Binance Email in Full
Important Notice Regarding Accessibility of Binance in the Philippines
Dear Binancians,
We hope this message reaches you well. We are getting in touch with some recent developments that may have impacted your use of our platform.
The Philippines Securities and Exchange Commission (SEC) has requested Google and Apple to remove the Binance app from their respective stores for the Philippines.
We want to assure you that your funds are secure and the integrity of your transactions remains our top priority. The removal of our app from Google and Apple stores does not affect the safety of your assets.
It’s important to note that in spite of the temporary accessibility issues, Binance is committed to complying with local regulations and securing a beneficial outcome for our users.
Please keep in mind that the unfolding situation is dynamic and complex. As we actively navigate this, we remind you the importance of staying informed and vigilant about third-party platforms claiming to provide access to Binance. We cannot endorse any unofficial methods for retrieving funds.
We urge you to wait for official communications from our team. We will keep you updated on our progress and further actions.
This is a challenging time, and we want you to know that we are working tirelessly to ensure minimal disruption to your trading experience. We appreciate your trust and patience as we work through this situation.
If you have any queries or need assistance, our customer support team is here to help.
This article is published on BitPinas: [After Long Silence] Binance Assures PH Users Following SEC Demand, Apple Urged to Hear All Sides
