The Philippines Securities and Exchange Commission (SEC) has escalated its regulatory actions against crypto exchange giant Binance, requesting Google and Apple to remove Binance’s applications from their app stores. This move comes in response to accusations of Binance offering unregistered securities and operating without a brokerage license within the country, jeopardizing the financial security of Filipino investors.
The SEC’s initiative is part of a larger global trend of increasing regulatory scrutiny on Binance, following legal troubles in the United States and elsewhere. The SEC advises Filipino investors with holdings in Binance to either close their positions or transfer their crypto assets to regulated entities within the Philippines.
The Philippine SEC’s crackdown is aimed at curbing Binance’s operations, as the exchange faces lawsuits and penalties from regulatory bodies worldwide. SEC Chair Emilio Aquino highlighted the importance of these measures in safeguarding Filipino investors and the nation’s economy.
This move underscores the growing regulatory challenges facing Binance, including lawsuits from the U.S. SEC and Commodity Futures Trading Commission, as well as a significant fine for money laundering violations. With a new CEO, Richard Teng, leading Binance, the cryptocurrency industry faces increased scrutiny, shaping a new era of compliance and transparency.