Philippines bans Binance from Google and Apple app stores

Philippines bans Binance from Google and Apple app stores is profiled by BTW Media because published evidence links it to internet infrastructure, governance, operational dependencies, or market visibility.

• 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

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 Commission of the Philippines has taken action in the past to restrict access to Binance websites within the nation.

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.”

To “prevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy,” Aquino stated that removing Binance from the Google and Apple app stores would be beneficial.

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Also read: Binance tax evasion trial rescheduled to May 17 in Nigeria

More information

The incident adds to Binance’s long list of problems; in November 2023, the company replaced its CEO, Richard Teng, with the former head of the UAE regulator Abu Dhabi Global Markets, following a settlement with the US government that mandated the company pay a $4.3 billion fine for alleged money laundering violations.

The Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission have each filed separate lawsuits against Binance for allegedly managing customer funds improperly and running an unlicensed, illegal exchange within the country.