Philippines SEC Orders Binance from App Removal From App Stores
- SEC instructs Google and Apple to remove Binance apps in the Philippines, citing security threats to investors’ funds.
- Aquino highlights Binance’s violations of securities regulations, leading to the proactive removal of its apps.
- SEC warns against investing in Binance, emphasizing its lack of necessary licensing.
The Securities and Exchange Commission (SEC) of the Philippines has directed Google and Apple to remove the Binance app from their respective app stores. A press release by the SEC disclosed that this instruction was contained in separate letters addressed to the tech giants on April 19.
SEC Chairperson Emilio B. Aquino stated, “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.” Aquino asserted that Binances’ sale of unregistered securities and operation as unregistered violates the “Republic Act no. 8799, or The Securities Regulation Code.”
He further stressed that blocking and removing the Binance app will mitigate potential risks to the investing public and safeguard the national economy. This …
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