Philippines: Issued Philippines SEC Requests to Remove Binance App from Google and Apple app stores
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Description
Issued Philippines SEC Requests to Remove Binance App from Google and Apple app stores
On 19 April 2024, the Securities and Exchange Commission (SEC) of the Philippines took action against the cryptocurrency exchange Binance by formally requesting Google and Apple to remove Binance's applications from their app stores in the Philippines. The SEC's decision is part of broader efforts to halt Binance's unauthorised investment solicitation activities in the country as a result of its finding that the organisation operates as an unregistered broker.
Original sourceScope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Prohibition of goods and services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
consumer protection authority