The Securities and Exchange Commission of the Philippines has requested the removal of the Binance cryptocurrency exchange from the Google and Apple Play Stores, along with the blocking of all associated websites.

The Philippines SEC has issued letters to Google and the Apple Play Store, urging the removal of Binance Exchange from accessibility to Filipinos. This action aims to protect citizens from engaging in crypto investments through unrecognized and unlicensed exchanges. They have advised all Filipino investors to cease further interactions with Binance.

SEC Chairperson Emilio B. Aquino stated, “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.”

It was reported that Binance initiated an investment campaign in the Philippines, which was considered unauthorized due to the exchange lacking the required licensing for such promotional activities.

As a result, plans are underway to prevent further interactions between Binance and Filipino investors. Emilio emphasized that blocking Binance's application and website will curb the spread of its illicit activities within the country, safeguarding the investing public from assumed harmful impact on the economy

It has indeed been an eventful year for Binance, with ongoing challenges from the Nigerian government and now, facing restrictions imposed by the Philippines government.

image source: reuters