🇵🇭 Apple & Google ordered to remove Binance from their app stores in the Philippines.

It seems that the Philippines' Securities and Exchange Commission (SEC) has requested Google and Apple to remove applications related to Binance from their respective app stores. This move is part of the SEC's efforts to crack down on unauthorized investment solicitation activities in the country. The SEC has expressed concerns about Binance operating without the necessary registration and authorization, posing a potential risk to the security of Filipino investors' funds.

The SEC has taken this step due to Binance's alleged sales of unregistered securities and its operation as an unregistered broker, which contravene Philippine securities laws. By requesting the removal of Binance-related apps, the SEC aims to prevent further illegal sales of investments to Filipinos. Filipino investors have been urged to close their positions on Binance and transfer their cryptocurrency holdings to registered service providers in the Philippines.

This development follows a series of actions taken by the SEC to address Binance's activities in the country, including requesting cooperation from tech giants like Google and Meta to limit online advertisements for Binance to Filipino social media users and asking government agencies to assist in blocking access to Binance within the country.

It's worth noting that Binance has faced regulatory scrutiny in various jurisdictions, including recent lawsuits from both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission over the alleged mishandling of customer assets and operating an illegal, unregistered exchange.

This situation highlights the ongoing challenges faced by cryptocurrency platforms in navigating the complex and evolving regulatory landscape across different countries.#defi #bitcoin #TrendingTopic #news