SEC Aims to Delist Binance App in the Philippines

The Securities and Exchange Commission (SEC) of the Philippines has initiated steps to have the Binance app removed from major mobile application stores, including Apple’s App Store and Google’s PlayStore. This action is part of a broader crackdown on the global cryptocurrency firm by Philippine authorities.

In an advisory, SEC Chairperson Emilio Aquino cited significant concerns over the legality of Binance’s operations within the country. According to Aquino, Binance has been engaging in the sale of unregistered securities to Filipinos and operating without a broker’s license, which are clear violations of the Philippines’ Securities Regulation Code.

These measures follow a request by the SEC for the National Telecommunications Commission (NTC) to block Filipino access to Binance websites, a move aimed at curtailing unauthorized investment activities. The NTC had previously directed internet service providers to block Binance’s websites in March.

The SEC’s actions reflect ongoing efforts since November 2023 to halt Binance’s operations in the Philippines due to their unauthorized financial activities. The agency’s proactive steps are intended to protect Filipino investors and prevent further illegal activities that could adversely affect the national economy.

Binance, known for its extensive cryptocurrency services including spot trading, futures contracts, savings accounts, and staking services, boasts a substantial daily trading volume and a large global user base. However, its presence in the Philippines has been marked by regulatory challenges, reflecting wider global scrutiny of cryptocurrency platforms and their compliance with local financial regulations.