The Philippines’ securities regulator has taken
enforcement action against Binance, ordering Google and Apple to remove its apps from their respective app stores. This action follows allegations that
Binance offered unregistered securities to Filipino investors.
Regulators Target Binance’s Apps
The Philippines’ Securities and Exchange Commission
(SEC), through its Chairperson Emilio Aquino, highlighted the threat posed to
the security of investors’ funds by continued access to Binance’s sites and
apps.
The regulator alleged that Binance’s presence in the
app stores facilitates the spread of its illegal activities in the country.
This action is a response to findings that the exchange promoted its services
to attract funds from Filipinos despite lacking the necessary licensing from
the regulator.
The latest enforcement action in the Philippines adds
to Binance’s mounting legal challenges, including the recent replacement of its
CEO and a hefty fine imposed by the US government for alleged money laundering
violations.
Binance Grapples with Legal Hurdles
Binance’s former CEO, Changpeng Zhao, is facing an
impending sentencing regarding charges of violating the Bank Secrecy Act.
Additionally, the exchange faces lawsuits from the US Securities and Exchange
Commission and the Commodity Futures Trading Commission over alleged
mishandling of customers’ assets.
The Philippines’ SEC advises investors with holdings
in Binance to promptly close their positions or transfer their crypto assets to
registered exchanges or wallets within the country.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
