Key Highlights;
- Urges Google and Apple to pull Binance apps, citing illegal activities.
- Binance’s global legal troubles grow, facing allegations in the U.S. and restrictions in the Philippines.
Yello ParadiseSquad! The Securities and Exchange Commission (SEC) of the Philippines is making bold moves to eliminate Binance’s presence in local app stores. On April 19, the SEC officially requested Apple and Google to remove all Binance-related apps, signaling a serious crackdown on the cryptocurrency exchange’s operations within the nation.
Reasons Behind the Request
SEC Chair Emilio Aquino highlighted concerns over unregistered securities and unauthorized brokerage activities by Binance, which violate the local Securities Regulation Code. According to Aquino, the continued availability of Binance apps poses a significant risk to Filipino investors’ security and funds.
Binance’s Ongoing Legal Drama
This isn’t Binance’s first brush with regulatory challenges. Following the SEC’s advisory last November, which warned against unregistered investment products, efforts have been increased to block Filipino access to Binance. The platform is not recognized as a registered corporation in the Philippines, nor is it authorized to sell securities in the country.
As part of their broader strategy to limit Binance’s outreach, Philippine regulators have also sought help from tech giants like Google and Meta to restrict Binance advertisements on social media and are working with telecommunications authorities to block the exchange’s access nationally.
Global Legal Challenges
Binance is simultaneously navigating a tumultuous legal landscape globally. In the United States, both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have filed lawsuits against Binance and its CEO, Changpeng Zhao, alleging violations of securities and commodities laws. Despite these challenges, Binance has pledged to vigorously defend its operations and integrity.
As Binance contends with these regulatory pressures, the crypto community watches closely, understanding that the outcomes could have significant implications for the cryptocurrency market worldwide.
