The Philippines SEC mandates the removal of the Binance app from Google and Apple stores in the country citing security threats to investors and, potentially, the local economy.
The Philippines Securities and Exchange Commission (SEC) ordered both Google and Apple to remove the Binance app from their respective app stores for users in the Philippines.
According to a press release from the SEC on April 23, it is working with the Big Tech companies on the removal of “applications operated by cryptocurrency giant Binance.” It said the companies received separate letters on April 19 regarding removing the apps in the local marketplaces.
Emilio B. Aquino, chair of the SEC, said that selling or offering unregistered securities to locals and operating as an “unregistered broker” is in violation of the country’s securities regulations.
