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The Securities and Exchange Commission (SEC) is working with Google and Apple for the removal of applications operated by cryptocurrency giant Binance in app marketplaces accessible in the Philippines.
In separate letters addressed to Google and Apple dated April 19, the SEC has requested for the removal of applications controlled by Binance.com from Google Play Store and the Apple App Store, respectively.
âThe SEC has identified [Binance] and concluded that the publicâs continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,â SEC Chairperson Emilio B. Aquino said in the letter, saying that the sale or offer of unregistered securities to Filipinos and operating as an unregistered broker constitutes a violation of Republic Act no. 8799, or The Securities Regulation Code.
Removing and blocking applications of Binance will âprevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy,â Mr. Aquino added.
Read more here: https://www.sec.gov.ph/pr-2024/sec-moves-to-remove-binance-app-in-google-apple-app-store/#gsc.tab=0
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