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.“The SEC has identified [Binance] and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.”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. He said that by removing Binance applications from digital app marketplaces, these companies would help “prevent the further proliferation of its illegal activities in the country,” saying that otherwise, this could have “detrimental” effects on the local economy.
