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Just In: SEC Seeks Google, Apple Assistance to Ban Binance App

Photo for the Article - Just In: SEC Seeks Google, Apple Assistance to Ban Binance App

In a press release sent to the media, the Securities and Exchange Commission (SEC) of the Philippines has requested Google and Apple to remove Binance-related applications from their app stores, citing violations of local securities laws.

The SEC is also urging Filipino investors to close their positions amid this new request to shut down the Binance app.

It should be noted that Binance cannot currently apply for a virtual asset services provider license (VASP) because of the current pause on applications set forth by the Bangko Sentral ng Pilipinas (BSP) in 2022.

The entire copy of the press release can be found at the end of the article.

Binance has previously not responded to inquiries for statements from BitPinas or other international publications.

SEC’s Request to Tech Giants

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On April 19, the SEC sent official letters to both Google and Apple, urging the removal of apps associated with from the Google Play Store and the Apple App Store.

The regulatory body said it has expressed concerns over unregistered securities activities and the operation of Binance as an unregistered broker, which they stated violates the Republic Act no. 8799, or The Securities Regulation Code.

“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.”

Emilio B. Aquino, Chairperson, SEC

This development follows earlier steps taken by the SEC, including a request to the National Telecommunications Commission to block Binance’s websites used in the Philippines.

The commission said it has been considering these measures since November 2023 to curb unauthorized investment solicitation activities by Binance.

Binance Operations Globally

Binance is known for offering a variety of financial instruments and investment products, including leveraged spot trading, futures, options, cryptocurrency savings accounts, staking services, and platforms for initial coin offerings.

The SEC said that despite Binance’s extensive reach and aggressive marketing strategies in the Philippines, it has not obtained the necessary licenses from the SEC to legally solicit investments or operate a securities exchange in the country.

Can Binance Secure a License Today?

It should be noted, however, that Binance cannot obtain a license today because of the current moratorium for applications of new licensed virtual currency exchanges, set forth by the Bangko Sentral ng Pilipinas (BSP) in 2022.

Read more: BSP Imposes Ban on VASP License Application

SEC’s Advice to Investors

The SEC has advised Filipino investors involved with Binance to close their positions and transfer their assets to crypto wallets or accounts held with registered cryptocurrency service providers in the Philippines.

“The SEC urges Filipino investors with investments in Binance to immediately close their positions and/or transfer their cryptocurrency holdings to their own crypto wallets or in accounts with cryptocurrency service providers that are duly registered in the Philippines.”

Securities and Exchange Commission of the Philippines

Binance App Ban Followed SEC Interview

The SEC is making real its intention to ban Binance app, which its spokesperson Atty. Paolo Ong, Officer-in-Charge of the SEC Philifintech Innovation Office, mentioned in an interview with One News.

SEC explains decision to ban Binance, why they're targeting eToro next

Binance Around the World

Binance is facing a regulatory issue in Nigeria, following the detention of its head of financial crime compliance in the country.

However, Binance CEO Richard Teng said they are now working very closely with Nigerian authorities to resolve the matter.

Binance has most recently secured a full virtual asset service provider license in Dubai.

This article is published on BitPinas: Just In: SEC Seeks Google, Apple Assistance to Ban Binance App


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