The Philippines’ Securities and Exchange Commission (SEC) has directed certain tech firms to remove the cryptocurrency exchange, Binance, from their app stores. The decision stems from concerns over legality and security issues associated with Binance. The potential risk posed to Filipino investors has led to these directives.
SEC’s Chairperson, Emilio Aquino, is worried about the continuous use of Binance apps and websites by Filipinos. He warned against the unregulated transactions made through Binance, suggesting that they could lead to fraud, theft, or financial loss. Aquino emphasized the need to exercise caution and vigilance when using such apps or websites.
According to the SEC, Binance has acted like an unlicensed broker and engaged in unregistered securities, violating national securities laws.
Philippines SEC’s concerns over Binance
SEC has communicated its concerns over Binance’s practices, suggesting possible non-compliance with regulations considered essential to a fair and transparent financial market.
Neither Binance nor the tech firms have commented on the directive. Regardless, Aquino continues to push for the restriction of Binance on digital platforms. He suggests that such preventative steps could potentially mitigate the spread of illegal activities associated with Binance in the Philippines.
The National Telecommunications Commission has already begun blocking local access to Binance-related sites. Previously, the SEC had cautioned citizens about Binance association and taken steps to limit Binance’s services. Binance has been accused of using social media to solicit funds from individuals in the Philippines.
