đ”đ Attention:::Philippines SEC orders Apple and Google to remove Binance from app storesđ”đđ”đ
The SEC has been actively warning the public against using Binance for investing since November 2023. It says the crypto exchange, which is one of the worldâs largest, has yet to secure a license to solicit investments from the public nor to operate an exchange to buy and sell securities.
On April 8, following the enforcement of its official ban on Binance, an SEC official reiterated that they had already provided users with a three-month period, along with an extension, to facilitate the withdrawal of their funds from the exchange. After this period, the SEC said they âcannot endorseâ any methods for retrieving funds.
The move to block Binance follows a crackdown from the SEC and the NTC on Feb. 21, through which they moved to block and ban unlicensed crypto trading platforms in the country. At that time Binance was unaffected.
Binance has been involved in other regulatory-related debacles around the world, most recently in a new class-action lawsuit in Canada on April 23, following allegations that it violated local securities laws.
However, on the flip side, the cryptocurrency exchange announced on April 18 that it would return to India after paying a $2 million fine for previous non-compliance with local regulations.
On the same day, it was reported that Binance received its crypto licence in Dubai, also known as the coveted Virtual Asset Service Provider (VASP), after its co-founder Changpeng Zhao gave up his voting power in the exchangeâs local entity.
