SEC Philippines ordered the removal of the Binance app from Google and Apple app stores due to security threats to investors and the local economy.
The Securities and Exchange Commission (SEC) is collaborating with Google and Apple to eliminate applications managed by Binance, a cryptocurrency giant, from app marketplaces in the Philippines.
SEC’s Letter To Binance
On April 19, the SEC sent separate letters to both Google and Apple requesting the removal of the Binance-controlled applications from the Google Play and Apple App Store. The SEC has identified Binance and concluded that continued public access to these websites/apps threatens the security of the funds of investing Filipinos.
In a letter, the Chairperson of the Securities and Exchange Commission (SEC), Emilio B. Aquino, indicated that the act of selling or offering unregistered securities to Filipinos, as well as operating as an unregistered broker, violates Republic Act no. 8799, or The Securities Regula
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