Philippine SEC Urges Apple and Google to Remove Binance App

Philippine SEC Urges Apple and Google to Remove Binance App

The Securities and Exchange Commission (SEC) of the Philippines has requested Apple and Google to remove the Binance app from their respective app stores.

The SEC Chairperson stated that blocking Binance, along with removing its app, could prevent further spread of its illegal activities in the Philippines.

Binance App Poses Security Threat to Philippine Citizens' Data

The Philippine Securities and Exchange Commission (SEC) has urged the tech giants Google and Apple to remove the Binance app from their app stores accessible to Filipino citizens.

In a letter to both companies, SEC Chair Emilio B. Aquino argued that continued access to the Binance website or app "could pose threats to the security of Filipino citizens' investment funds."
In a statement issued on April 23, 2024, the SEC revealed that their chairperson had emphasized to Google and Apple the extent of Binance's alleged violations of Republic Act No. 8799, or the Securities Regulation Code.

The SEC's letter to these two tech giants marks the latest escalation in the Commission's battle against this crypto exchange, which began in November 2023.

SEC Advises Investors to Close Their Binance Accounts

In late March 2024, the Commission followed up its warning by blocking Binance's online presence in the country. They also cautioned Filipino citizens against using this crypto exchange.

"By doing so, it will prevent further illegal activities in this country and protect the investing public from its detrimental effects on our economy," Aquino stated.

Meanwhile, besides advising Filipino citizens to steer clear of Binance, the SEC also instructed investors to close their positions and transfer their crypto holdings to custodial wallets or accounts with registered crypto service providers.

Conclusion,

the Philippine Securities and Exchange Commission (SEC) has taken decisive action by urging Apple and Google to remove the Binance app from their app stores. This move reflects the SEC's commitment to safeguarding the interests of Filipino citizens and preventing the proliferation of potentially harmful activities associated with the Binance platform.

The SEC's concerns regarding the security of investors' funds and the alleged violations of regulatory laws underscore the seriousness of the situation.

The SEC's ongoing efforts to address these issues, including the recent blocking of Binance's online presence and the advisory for investors to close their accounts, demonstrate a proactive approach to protecting the investing public and preserving the integrity of the financial system.

As the SEC continues its battle against Binance, it remains focused on maintaining a secure and regulated environment for cryptocurrency transactions in the Philippines.

*Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.