The Philippine Securities and Exchange Commission (PSEC) has ordered Google and Apple to remove the cryptocurrency exchange Binance from their respective app stores.
The regulatory agency stated in a press release issued on Tuesday, April 23, that it had sent letters to the two tech giants on April 19 requesting the removal of the Binance-controlled applications from the Google Play Store and the Apple App Store.
The Chairman of the Philippine Securities and Exchange Commission, Emilio Aquino, declared that the agency had assessed Binance and concluded that continued access to the Binance website and applications posed a “threat to the capital security of Filipino investors.”
The commission accused Binance of selling or offering unregistered securities to Filipinos and operating as an “unregistered broker,” all of which violate Philippine securities law.
Aquino stated that blocking Binance from Google and Apple app stores will help “prevent its illegal activities from further spreading in our country and protect the investing public from its adverse effects on our economy.”
Prior to this latest action, on March 25, the Philippine SEC and the National Telecommunications Commission jointly decided to block access to the Binance website in the country.
Since November 2023, the Philippine SEC has been actively warning the public against using Binance for investments, stating that the cryptocurrency exchange is operating without a license and is soliciting investments or operating an exchange for trading securities.
Following the official ban on Binance on April 8, a Philippine SEC official reiterated that they had provided users with a three-month grace period for withdrawal and extended this period. The regulatory body stated that after this period, they “cannot endorse” any method for fund retrieval.
Despite not having the approval of the regulatory body, Binance has been aggressively promoting its services on social media to attract funds from Filipinos.
The latest move by the Philippine government adds to a series of challenges faced by Binance. In November 2023, Binance replaced its CEO after reaching a settlement with the U.S. government, which fined the company $4.3 billion for alleged violations of anti-money laundering regulations.
Former Binance CEO Zhao Changpeng was charged with violating the U.S. Bank Secrecy Act and agreed to step down. His sentencing is expected to take place on April 30.