The SEC in the Philippines is taking steps to have Binance, a well-known global cryptocurrency exchange, removed from Google Play Store and Apple App Store. If successful, this action would effectively ban Binance from operating within the country.
In a letter to tech industry leaders, SEC Chairperson Emilio B. Aquino warned that allowing Binance apps to remain accessible on Google Play and Apple App Stores poses a risk to the financial security of Filipino investors.
Concerns Over Binance’s noncompliance
Aquino argued that Binance’s activities were in breach of Republic Act No. 8799, or the Securities Regulation Code, since the exchange was functioning as an unlicensed broker within the Philippines.
Previously, the Securities and Exchange Commission (SEC) attempted to prevent Filipino users from accessing Binance’s websites through the National Telecommunications Commission. However, this restriction could be bypassed using Virtual Private Networks (VPNs). In November 2023, the Philippine regulatory body issued public warnings against investing in or utilizing Binance due to its unlicensed and unregistered business activities.
The SEC is criticizing Binance for aggressively marketing investment and trading opportunities to Filipinos through social media, yet refusing to obtain the necessary license from the SEC, preventing it from legally accepting investments from the public.
Binance’s global regulatory challenges
Based on the Securities and Exchange Commission (SEC), Binance is unwilling to comply with regulations to function as a securities trading platform in the Philippines, disregarding legal obligations despite having over 183 million users worldwide. The exchange has previously encountered legal disputes with regulatory bodies, including an ongoing case with the U.S. SEC.
Binance, which handles around $65 billion in daily cryptocurrency transactions and offers over 400 digital coins, holds the title as the biggest exchange globally. Yet, it encounters regulatory challenges in various regions; two of its top officials are under investigation in Nigeria.
In 2021, Binance experienced the same outcome as its operations in Singapore were limited by regulators due to non-compliance with the country’s established regulations regarding deposits and spot trading.
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2024-04-23 16:18