Philippines’ Securities and Exchange Commission (SEC) has ordered Google and Apple Inc to remove the Binance cryptocurrencycurrency exchange app from their respective stores. This policy, which goes into effect on April 23, is intended to protect local investors from the hazards associated with unregistered digital trading platforms.
This order is part of a larger set of global legal challenges for Binance, including legal efforts in the United States. Despite being fined heavily for compliance errors, Binance continues to expand in other locations, obtaining essential licenses in places such as Dubai. The SEC has asked Filipino investors in Binance to close their positions or transfer their assets to licensed companies.
The SEC has charged Binance with operating without legal registrations and offering unregistered securities in the country. Chairperson Emilio Aquino emphasized that this action is critical to halting the gains from Binance’s illicit operations and protecting Filipino investors’ economic interests.
Read also: Thailand Takes Action Against Illegal Crypto Operations With New Regulations
