The Securities and Exchange Commission (SEC) of the Philippines has ordered both Google and Apple Inc to ban the Binance crypto exchange app from their stores. This measure, effective April 23, aims to protect local investors from the risks of unregistered digital trading platforms.
The SEC has cited Binance for operating without proper registrations and for offering unregistered securities in the country. Chairperson Emilio Aquino stated that this move is crucial to halt the gain of Binance’s unauthorized activities, safeguarding the economic interests of Filipino investors.
This order is part of a series of global legal issues for Binance, including legal actions in the U.S. Despite facing a heavy fine for compliance failures, Binance continues to expand in other regions, securing necessary licenses in places like Dubai. The SEC has urged Filipinos engaged with Binance to close their positions or transfer assets to regulated entities.
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