Citing worries about investor security and possible economic consequences, the Securities and Exchange Commission (SEC) of the Philippines has ordered Google and Apple to eliminate cryptocurrency exchange Binance from their local app stores. Here’s a closer look at the circumstances:
Taking Action on Regulations
Image Source: bitcoinist.com
On April 23, the SEC announced in a news release that it had ordered Google and Apple to take down any apps related to Binance that were accessible to Filipino consumers on the Google Play Store and the Apple App Store. Allegations that Binance violated Philippine securities regulations by acting as an unregistered broker and offering unregistered securities to Filipino investors led to the taking of this action.
SEC Chair Emilio B. Aquino emphasised the need for this action, claiming that investors are at risk and that the local economy may suffer if Binance applications remain available. Aquino underlined how critical it is to stop Binance from engaging in any further unlawful activity inside the nation.
Prior Bans and Advisories
The National Telecommunications Commission (NTC) blocked access to Binance websites in the Philippines on March 25, and this latest action by the SEC comes after that action. Since November 2023, the SEC has issued warnings to the public about the dangers of doing business with Binance because of its licence and regulatory compliance issues.
An SEC representative reaffirmed the alerts on April 8 and said that consumers were given an extension and a three-month window to remove their money from Binance. Following this grace period, the SEC said that they were unable to provide any means of getting money back.
On February 21, the Philippines launched a crackdown on unregistered cryptocurrency trading sites; at first, Binance was untouched by these legal measures.
Issues with Global Regulation and Binance's Reaction
Even if there are regulatory obstacles in the Philippines, Binance has advanced in other regions. Binance, which has previously violated local restrictions and paid a $2 million fine, announced its return to the Indian market on April 18. The same day, Binance also received a cryptocurrency licence in Dubai after co-founder Changpeng Zhao gave up his voting rights in the exchange’s local organisation.
In summary, the SEC’s decision to ban Binance from the Philippine Google and Apple app stores is a reflection of its continued efforts to uphold securities laws and shield investors from unsanctioned financial activity. This action emphasises the difficulties of negotiating regulatory regimes across numerous jurisdictions and the larger legal landscape that bitcoin exchanges face internationally.
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