The Philippine Securities and Exchange Commission (SEC) has recently accused Binance, a cryptocurrency exchange, of violating securities laws, promoting unregistered securities, and operating without a license in the Philippines. In response, the SEC has requested that Google and Apple block the Binance app from local app stores. The exchange has been actively promoting its services on social media to attract Filipino investors, despite the lack of regulatory approval.
According to the Chairman of the SEC, Emilio Aquino, Binance’s services pose a threat to Filipino investment funds, and the removal of the app can help protect the people and economy of the Philippines from negative impacts. The SEC has been warning Filipinos against using Binance since November 2023 and has recommended transferring funds to digital wallets or exchanges registered in the Philippines for safety.
Moreover, the Philippine National Telecommunications Commission (NTC) has blocked access to Binance websites since March 25, 2024. This action comes after Binance’s new CEO, Richard Teng, took over the company in the wake of Changpeng Zhao’s (CZ) resignation for violating anti-money laundering laws. Additionally, Binance had to pay a fine of $4.3 billion as part of an agreement with the US government to continue operating. CZ’s sentencing hearing is scheduled to take place on April 30, 2024.