Philippines SEC Orders Removal of Binance App from Google and Apple Stores Over Security Concerns

The Philippines Securities and Exchange Commission (SEC) has ordered both Google and Apple to remove the Binance app from their respective app stores for users in the Philippines. The SEC cited security threats to investors and potential risks to the local economy as the rationale behind this decision. Emilio B. Aquino, chair of the SEC, emphasised that selling or offering unregistered securities to locals and operating as an unregistered broker is against the country's securities regulations. This move follows the SEC's previous warnings against using Binance for investing since November 2023, stating that the exchange has not secured a licence to solicit investments or operate a securities exchange. Additionally, the SEC and the National Telecommunications Commission (NTC) had previously blocked access to Binance websites on March 25. Binance has faced regulatory challenges in various jurisdictions globally, including a new class-action lawsuit in Canada alleging violations of local securities laws. Despite these issues, Binance announced plans to return to India after paying a $2 million fine for previous non-compliance with local regulations and obtaining a crypto licence in Dubai.