The Securities and Exchange Commission (SEC) is intensifying its efforts to ban cryptocurrency behemoth Binance from operating in the Philippines, targeting its mobile application next in a bid to curb its alleged illegal activities.
In a move that underscores the regulatory crackdown on digital assets, SEC Chair Emilio Aquino revealed that the commission had formally written to Google and Apple, urging the removal of Binance-controlled applications from the Play Store and App Store, respectively.
Aquino emphasized that blocking Binance’s mobile applications was essential to stem the tide of its purported illicit activities within the country and safeguard the investing public from potential economic repercussions.
This latest development follows the SEC’s prior directive to the National Telecommunications Commission to restrict access to websites associated with Binance in the Philippines.
The regulatory scrutiny dates back to November 2023 when the SEC cautioned against engaging with Binance, citing its lack of proper licensing to solicit investments or operate a securities exchange, as mandated by the Securities Regulation Code.
Despite these warnings, Binance has continued to aggressively market its services through digital promotional campaigns on social media platforms, targeting Filipino investors.
Binance, headquartered in the Cayman Islands and renowned as the world’s largest cryptocurrency exchange, facilitates trading in over 402 digital assets, including popular cryptocurrencies like Bitcoin and Ether.
The SEC highlighted the exponential growth of the crypto market, particularly noting Binance’s significant presence in the Philippines. In July 2022, the platform boasted approximately 750,000 Filipino users, reflecting the widespread adoption of digital currencies in the country.
According to SEC data sourced from the Binance website, the platform currently records an average trading volume of $65 billion, serving a vast user base exceeding 183 million members worldwide.
As regulatory authorities worldwide intensify their oversight of the burgeoning cryptocurrency industry, Binance finds itself at the center of a mounting regulatory storm, facing increased scrutiny and enforcement actions aimed at ensuring compliance with existing financial regulations.
The SEC’s latest move to compel the removal of Binance’s mobile applications underscores the regulatory resolve to rein in unauthorized digital asset activities and protect investors from potential financial risks associated with unregulated cryptocurrency exchanges.
