The Securities and Exchange Commission (SEC) is working with Google and Apple for the removal of applications operated by cryptocurrency giant Binance in app marketplaces accessible in the Philippines.
In separate letters addressed to Google and Apple dated April 19, the SEC has requested for the removal of applications controlled by Binance.com from Google Play Store and the Apple App Store, respectively.
“The SEC has identified [Binance] and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC Chairperson Emilio B. Aquino said in the letter, saying that the sale or offer of unregistered securities to Filipinos and operating as an unregistered broker constitutes a violation of Republic Act no. 8799, or The Securities Regulation Code.
Removing and blocking applications of Binance will “prevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy,” Mr. Aquino added.
Read more here: https://www.sec.gov.ph/pr-2024/sec-moves-to-remove-binance-app-in-google-apple-app-store/#gsc.tab=0
Binance closed in the Philippines because it didn't follow SEC rules. But there are other exchanges in the same boat—they also don't comply with SEC regulations.
"But in fact, Binance's transaction fee is cheaper compared to Gcrypto."
Don't use local trading platforms, especially GCrypto. Let's learn to use decentralized exchanges instead.
Well, this is the time for decentralization to avoid market manipulators for their own interest.👌
The downside of Binance experiencing downtime can include:
1. Inability to access trading: Users may be unable to buy, sell, or trade cryptocurrencies, potentially missing out on favorable market movements or opportunities.
2. Loss of trust: Downtime can erode user confidence in the platform's reliability and stability, leading to concerns about security and service quality.
3. Frustration and inconvenience: Traders and investors relying on Binance for their transactions may experience frustration and inconvenience due to the inability to execute trades or access their funds.
4. Financial implications: Depending on the duration and circumstances of the downtime, users may suffer financial losses if they are unable to act on market movements or if trades fail to execute as intended.
Overall, downtime can have various negative impacts on users' trading experience, trust in the platform, and financial outcomes.
Launchpads are common in the cryptocurrency space for new projects to raise funds and gain exposure. If there's a launchpad ongoing for ETHFI (Ethereum Finance), it could be an opportunity for investors to participate in the project's initial stages. Just make sure to do thorough research and consider the risks involved before getting involved.
Binance Market Update (2024-03-12) The global cryptocurrency market cap now stands at $2.69T, up by 2.32% over the last day, according to CoinMarketCap data. Bitcoin (BTC) has been trading between $71,270 and $72,800 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $71,976, up by 0.46%. Most major cryptocurrencies by market cap are trading mixed. Market outperformers include AMP, METIS, and REEF, up by 187%, 51%, and 46%, respectively.
Binance cryptocurrency can potentially help your personal growth in several ways:
1. Financial Literacy: Engaging with Binance can help you learn about investing, trading, and the cryptocurrency market, improving your financial literacy.
2. Investment Opportunities: Investing in cryptocurrencies through Binance can provide opportunities for financial growth and portfolio diversification.
3. Entrepreneurial Spirit:Learning about blockchain technology and the decentralized finance (DeFi) ecosystem on Binance may inspire entrepreneurial endeavors in the cryptocurrency space.
4. Risk Management:Managing investments on Binance teaches valuable skills in risk assessment and management, which are applicable to various aspects of life.
5. Networking: Engaging with the Binance community and participating in discussions can help you connect with like-minded individuals and expand your network, potentially opening up new opportunities for personal and professional growth.
Binance offers various learning opportunities through its educational platform, Binance Academy, where users can learn about cryptocurrencies, blockchain technology, trading strategies, and more. By expanding your knowledge in these areas, you can potentially enhance your trading skills and earn rewards on the Binance platform.