Trends
Philippines bans Binance from Google and Apple app stores
The Philippines’ Securities and Exchange Commission has ordered in a press release on Tuesday that it had written to Apple and Google, asking that apps under Binance‘s control be taken down from the Apple App Store and Google Play Store, respectively. Binance ban The National Telecommunications Comm…
Headline
The Philippines’ Securities and Exchange Commission has ordered in a press release on Tuesday that it had written to Apple and Google, asking that apps under Binance‘s control be taken down from the Apple App Store and Google Play Store, respectively. Binance ban The National…
Context
The Philippines’ Securities and Exchange Commission has ordered in a press release on Tuesday that it had written to Apple and Google, asking that apps under Binance ‘s control be taken down from the Apple App Store and Google Play Store, respectively. The National Telecommunications Commission of the Philippines has taken action in the past to restrict access to Binance websites within the nation.
Evidence
Pending intelligence enrichment.
Analysis
The SEC allegedly issued a warning as early as November of last year, to the people of the Philippines not to use Binance and started looking into the possibility of banning the company’s services there. Despite not having a license from the regulator, the SEC claimed that Binance has been aggressively advertising its services on social media to draw money from Filipinos. The watchdog stated that it is pushing Filipino investors in Binance to either close their positions right away or move their cryptocurrency holdings to exchanges or wallets that are registered in the country. The public’s continuous access to Binance websites and applications, according to SEC Chairperson Emilio Aquino, “poses a threat to the security of the funds of investing Filipinos.”
Key Points
- The Philippines’ Securities and Exchange Commission has ordered Google and Apple to remove cryptocurrency exchange Binance from their app stores.
- According to SEC Chairperson Emilio Aquino said the Binance“poses a threat to the security of the funds of investing Filipinos.”
- U.S. government orders Binance to pay $4.3bn fine for alleged money laundering violations
Actions
Pending intelligence enrichment.
