The Philippines Is Looking to Remove Binance From Apple and Google App Stores

In its latest move to ban any remaining access to Binance in the Philippines, the Securities and Exchange Commission (SEC) has asked Apple and Google to remove the cryptocurrency service app from their application stores.

The SEC wrote to both technology giants, noting how the app continues to pose “a threat to the security of the funds of investing Filipinos.” 

We don’t know yet whether Apple and Google have responded to the request.

ALSO READ

The SEC Has Officially Banned Crypto Giant Binance in the Philippines

These Are the Most Popular Crypto Coins in the Philippines

In case you’re not familiar, Binance is known as one of the largest cryptocurrency trading companies in the world. Users of the platform trade cryptocurrencies, like bitcoin, dogecoin, and 400 others.

The SEC, however, found that Binance had been illegally operating in the Philippines. Because it is not registered in the country, it does not have the license to solicit investments or create and operate an exchange for the buying and selling of securities, in accordance with the law.

Filipinos with investments in the app are, therefore, advised to close their positions as soon as possible or transfer their cryptocurrency holdings to their own crypto wallets. They may also opt to move these to other cryptocurrency service platforms. (Just do make sure the provider is duly registered in the Philippines this time.)

According to the SEC, doing so will prevent the further proliferation of Binance’s illegal activities in the country and “protect the investing public from its detrimental effects on our economy."

It was just last month when the National Telecommunications Commission was ordered to block access to Binance’s website and other social media pages, although authorities have long been warning the public against using the app that was involved in controversies—money laundering charges included—in recent years.

Right now, Binance is still downloadable via the Apple App Store and Google Play Store.