SEC seeks removal of Binance from Apple, Google app stores in PHL

The Securities and Exchange Commission (SEC) has requested the removal of Binance’s applications from the app markets of Apple and Google in the Philippines.

The commission sent separate letters to Apple and Google on April 19, the SEC said in a statement on Tuesday.

“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,” said SEC Chairperson Emilio B. Aquino.

“Removing and blocking the applications of Binance will prevent the further proliferation of its illegal activities in the country and protect the investing public from its detrimental effects on our economy,” he added.

The SEC recently asked the National Telecommunications Commission to block access to websites used by Binance in the Philippines to curb its alleged unauthorized investment solicitation activities.

The commission said that Binance has not secured a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities, as mandated by the Securities Regulation Code.

As early as November of last year, the SEC cautioned the public against investing in and using Binance.

“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,” it said.

Binance offers a platform for trading financial instruments and investment products, including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offerings.

The platform has an average daily trading volume of USD 65 billion, covering more than 402 cryptocurrencies, with a membership of over 183 million. — Revin Mikhael D. Ochave