The Securities and Exchange Commission (SEC) is urging local app stores to remove Binance's mobile application from their platform to protect the public from further engaging with the cryptocurrency giant.
The SEC said on Tuesday that it sent separate letters to Google and Apple last week to request the removal of the Binance application from their respective platforms.
"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," SEC Chairperson Emilio Aquino said in the letter.
Aquino reiterated that the sale or offer of unregistered securities to Filipinos and operating as an unregistered broker constitutes a violation of The Securities Regulation Code.
For the SEC chief, removing and blocking applications of Binance will "prevent the further proliferation of its illegal activities in the country."
To recall, the SEC had also asked the National Telecommunications Commission to block access to websites used by Binance in the country to stop its unauthorized investment solicitation activities.
The SEC warned the public against investing in and using Binance, as well as started studying the possible blocking of Binance's website and other online presence locally as early as November 2023.
Binance, one of the world's largest cryptocurrency exchanges, offers a platform for trading various financial instruments and investment products, including spot trading with leverage, futures and option contracts, savings accounts, staking services, and an initial coin offering platform.
With an average daily trading volume of $65 billion covering over 402 cryptocurrencies and a membership of more than 183 million, Binance has gained a significant global presence.
Despite its popularity, Binance has not obtained the necessary license from the SEC to solicit investments from the public or operate an exchange for buying and selling securities, as required by law.
The SEC has actively employed promotional campaigns on social media to attract Filipinos to engage in investment and trading activities using their platforms.
