The Philippines Securities and Exchange Commission (SEC) has initiated steps to have the Binance app removed from both Google Play Store and Apple's App Stores across the country.

In letters dated April 9, the SEC formally requested Google and Apple to take down the applications facilitating access to Binance's trading platform. This move follows the Philippine National Telecommunications Commission's blocking of Binance's website access in March 2024.

SEC Chairperson Emilio B. Aquino highlighted concerns about Binance offering unregistered securities to Philippine residents, categorizing the exchange as an unregistered broker in violation of the Securities Regulation Code. Aquino emphasized the potential threat posed to the security of funds of Filipino investors due to continued access to Binance's platforms.

With the Philippines being home to over 9.3 million cryptocurrency holders, Binance holds a significant market share. Aquino expressed the necessity of banning the Binance app to curtail its alleged illegal activities and safeguard the economy from its detrimental effects.

This regulatory action aligns with previous measures taken by the SEC in November 2023, where investors were given a three-month window to liquidate their positions on the Binance platform due to its lack of operational licensing in the country. Additionally, the commission sought cooperation from Google and Meta to halt Binance advertisements targeting Philippine residents.

The SEC's move mirrors similar actions taken by the Indian government, which employed a geoblock strategy after urging tech giants to remove the Binance app. While Binance is expected to return to India as a fully compliant platform after resolving regulatory issues, its response to the Philippines' regulatory stance remains uncertain.