The Philippines Securities and Exchange Commission (SEC) has taken a significant step by collaborating with tech giants Google and Apple to remove the Binance app from their app marketplaces for Filipino users. The regulator issued letters to both Google and Apple on April 19, requesting the removal of applications controlled by Binance.com from the Google Play Store and the Apple App Store. This move is aimed at preventing the further spread of Binance’s illicit activities in the country.
Emilio B. Aquino, the SEC chair, highlighted in the letters sent to Google and Apple that Binance’s actions, such as the sale of unregistered securities to Filipinos and operating as an unregistered broker, are in violation of Republic Act no. 8799, known as The Securities Regulation Code. This emphasizes the regulator’s commitment to upholding legal standards and protecting investors from potential risks associated with unregistered investment products.
As of now, Binance has not responded to requests for comment on the situation. The SEC has been cautioning the public against using Binance for investment since November 2023 due to the platform’s lack of necessary licenses for soliciting investments or operating a securities exchange. Last month, the SEC and the National Telecommunications Commission (NTC) worked together to block access to Binance websites, further emphasizing the need to protect the public from unauthorized investment activities.
Binance is facing scrutiny from regulatory authorities in various jurisdictions, including the United States, the UK, Nigeria, and several European nations. In the US, investigations by federal agencies like the Department of Justice and the Commodity Futures Trading Commission (CFTC) led to a $4 billion settlement with Binance. This settlement also resulted in the resignation of co-founder Changpeng Zhao as CEO. Additionally, Binance is currently embroiled in a legal dispute with Nigerian authorities over allegations of tax evasion and failure to register.
Despite facing legal challenges, Binance has made progress in complying with regulatory requirements in certain markets. The platform recently obtained significant regulatory approvals in India and Dubai, indicating a willingness to adhere to legal standards in key markets. These developments suggest that Binance is taking steps to navigate the complex regulatory landscape and improve its compliance measures to address the concerns raised by regulators.
The collaboration between the Philippines SEC, Google, and Apple to remove the Binance app from app marketplaces reflects the regulators’ commitment to safeguarding investors and upholding regulatory standards in the financial sector. While Binance continues to face challenges in multiple jurisdictions, its efforts to enhance regulatory compliance indicate a willingness to address regulatory concerns and operate within the boundaries of the law.