The Philippines Securities and Exchange Commission (SEC) announced its collaboration with Google and Apple to eliminate the Binance app from their app stores for Filipino users, as per a statement released on April 23.

The regulator stated:

"In separate communications to Google and Apple dated April 19, the SEC has formally requested the removal of applications associated with Binance.com from Google Play Store and the Apple App Store, respectively."

In the communication, Emilio B. Aquino, the SEC chair, stressed that the removal of Binance apps from the app stores would help prevent the further proliferation of its unauthorized activities in the country.

According to the regulatory chief, Binance's "offer or sale of unregistered securities to Filipinos and functioning as an unregistered broker constitutes a violation of Republic Act no. 8799, or The Securities Regulation Code."

As of the current moment, Binance has not responded to inquiries from CryptoSlate.

Continual alerts

Since November 2023, the SEC has consistently cautioned the public against engaging with Binance for investments, citing its absence of a license to solicit investments or operate a securities exchange.

Last month, the SEC and the National Telecommunications Commission (NTC) jointly restricted access to Binance websites, emphasizing the need to "protect the public from unregistered investment products."

Consequently, the regulator urged Google and Meta to halt Binance-related advertisements targeting Filipino users.

Regulatory challenges

Binance is under intense scrutiny in various jurisdictions, including the United States, the UK, Nigeria, and multiple European countries.

Last year, following investigations by federal agencies in the United States, such as the Department of Justice and the Commodity Futures Trading Commission (CFTC), Binance reached a substantial $4 billion settlement. This settlement also led to the resignation of its co-founder, Changpeng Zhao, from the CEO position.

More recently, Binance has faced legal conflicts with Nigerian authorities over its failure to register and accusations of tax evasion.

Despite these obstacles, Binance has achieved significant regulatory approvals in India and Dubai, indicating progress in its efforts to comply with legal requirements in key markets.