The Philippines’ Securities and Exchange Commission (SEC) has made a bold move by issuing orders to both Google and Apple to eliminate cryptocurrency exchange Binance from their respective app stores. The regulator’s press release, which was issued on Tuesday, highlighted the SEC’s concerns regarding the potential risks posed by Binance to Filipino investors. SEC Chairperson Emilio Aquino emphasized that the continued availability of Binance apps and sites to the public in the Philippines could endanger the security of invested funds and violate securities laws in the country.
The regulator accused Binance of offering unregistered securities to Filipino citizens and operating as an unregistered broker, thus violating established securities laws. This misconduct prompted the SEC to take action by requesting Google and Apple to remove all Binance-related applications from their app stores. Despite the SEC’s claims, Binance, Google, and Apple have yet to provide any official statements or responses regarding this directive from the regulator.
Aquino noted that the removal of Binance from the app stores of Google and Apple would play a crucial role in safeguarding the interests of investors and preventing the proliferation of illicit activities by the cryptocurrency exchange in the Philippines. The SEC’s stance aims to shield the public from potential adverse effects on the economy that could arise from Binance’s unauthorized operations within the country.
Enforcement Actions and Legal Troubles
This latest crackdown on Binance adds to the mounting legal challenges faced by the cryptocurrency exchange. With its former CEO, Changpeng Zhao, embroiled in legal battles over alleged money laundering violations and violations of the Bank Secrecy Act, Binance is navigating through turbulent waters. The recent appointment of Richard Teng, the former chief of UAE regulator Abu Dhabi Global Markets, as CEO in November 2023, underscores the company’s efforts to address regulatory concerns and restore its reputation.
As Binance grapples with regulatory scrutiny from various jurisdictions, including lawsuits filed by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, the future of the cryptocurrency exchange remains uncertain. Investors and industry stakeholders are closely monitoring the developments surrounding Binance, as the company faces significant legal hurdles and reputational challenges in the wake of these enforcement actions.