The Philippines SEC has ordered that the Binance app be taken down from the nation's Google and Apple stores, citing security risks to investors and possibly the local economy.

Google and Apple were instructed by the Philippines Securities and Exchange Commission (SEC) to take down the Binance app from their respective app stores for Filipino customers.

In a press release dated April 23, the SEC stated that it is collaborating with major tech companies to remove "applications operated by cryptocurrency giant Binance."

It stated that the businesses were notified in separate letters on April 19 that the apps were to be removed from the regional marketplaces.

The public's continuous access to these websites and apps presents a risk to the security of the system, according to the SEC, which has recognised [Binance].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.

This move comes shortly after the SEC and the National Telecommunications Commission (NTC) blocked access to Binance websites on March 25.

The SEC has been actively warning the public against using Binance for investing since November 2023.

It says the crypto exchange, which is one of the world’s largest, has yet to secure a license to solicit investments from the public nor to operate an exchange to buy and sell securities.

On April 8, following the enforcement of its official ban on Binance, an SEC official reiterated that they had already provided users with a three-month period, along with an extension, to facilitate the withdrawal of their funds from the exchange.

After this period, the SEC said they “cannot endorse” any methods for retrieving funds.

The move to block Binance follows a crackdown from the SEC and the NTC on Feb. 21, through which they moved to block and ban unlicensed crypto trading platforms in the country at that time Binance was unaffected.

Binance has been embroiled in various regulatory-related scandals across the globe; most recently, on April 23, it was accused of breaking local securities laws and was the target of a new class-action lawsuit in Canada.

On the other hand, the Bitcoin exchange declared on April 18 that it would return to India following the payment of a $2 million fine for prior violations of regional laws.

The renowned Virtual Asset Service Provider (VASP), or cryptocurrency licence, was reportedly granted to Binance on the same day that its co-founder Changpeng Zhao handed up his voting rights in the exchange's local organisation.