Binance pulled from app stores by Apple and Google after order from the Philippines SEC

Citing security concerns for investors and perhaps the local economy, the Philippines SEC has ordered the withdrawal of the Binance app from Google and Apple stores in the nation.

Google and Apple were both directed by the Philippines’ Securities and Exchange Commission (SEC) to disable access to the Binance app in the Philippines for all users.

On April 23, the SEC said in a press release that it is collaborating with big tech businesses to remove “applications run by cryptocurrency behemoth Binance.” Removing the applications from local markets was the subject of separate letters that the firms allegedly received on April 19.

When it comes to the safety of Filipino investors’ funds, “the SEC has recognized [Binance] and found that the public’s ongoing access to these websites and apps constitutes a concern.”

According to SEC head Emilio B. Aquino, it is against the law to sell or offer unregistered securities to residents and to act as a “unregistered broker” in the Philippines.

This might have “detrimental” consequences on the local economy, he said; therefore, these businesses should “prevent the future expansion of its illicit operations in the nation” by withdrawing Binance from digital software markets.

This follows on the heels of the SEC and NTC’s March 25 decision to restrict access to Binance websites. Beginning in November 2023, the SEC issued a strong caution to the general public to refrain from investing in Binance. According to the report, the world’s biggest cryptocurrency exchange still lacks the necessary license’s to legally purchase and sell securities or solicit investments from the general public.

Following the SEC’s formal prohibition on Binance’s implementation on April 8, an SEC representative reaffirmed that the agency had previously given customers three months and an extension to withdraw their assets. After that time has passed, the SEC has said that they “cannot support” any means of recovering funds.

The decision to ban Binance is a continuation of the SEC’s and the NTC’s crackdown on unlicensed cryptocurrency trading platforms on February 21. Binance remained untouched over that period.

Many additional regulatory disasters have befallen Binance; on April 23, for example, it was named in a new class-action lawsuit in Canada over claims that it had broken the country’s securities laws.

On the other hand, after a $2 million punishment for prior non-compliance with local legislation, the crypto exchange said on April 18 that it would return to India.

After Binance co-founder Changpeng Zhao relinquished his voting power in the exchange’s local organization, the news spread that the exchange had secured its crypto license in Dubai, commonly known as the coveted Virtual Asset Service Provider (VASP).

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