Binance App to be Removed from Google and Apple Stores by Philippines SEC

The Securities and Exchange Commission (SEC) of the Philippines intends to eliminate the Binance app from both Google Play store and Apple’s app stores nationwide.
On April 9, the SEC sent separate letters to Google and Apple, requesting the removal of the applications that provide users with access to Binance’s trading platform. This action follows the decision by the Philippine National Telecommunications Commission to block access to the popular cryptocurrency exchange’s website in March 2024.
In the letter, SEC Chairperson Emilio B. Aquino stated, “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.” Aquino further accused Binance of offering unregistered securities to Philippine residents, classifying the exchange as an unregistered broker in violation of the Securities Regulation Code.
According to GWI research, the Philippines is home to over 9.3 million cryptocurrency holders, making it the seventh-largest nation in terms of cryptocurrency ownership. Given Binance’s global popularity, it is likely responsible for a significant portion of this market share.
Aquino believes that banning the Binance app will “prevent the further proliferation of its illegal activities in the country” and safeguard the public from its “detrimental effects” on the nation’s economy.
The SEC initially took action against the leading cryptocurrency exchange in November 2023, citing its lack of a license to operate in the country. Binance users were given a three-month period to liquidate their positions on the platform.
As part of its efforts, the SEC also reached out to Google and Meta (formerly known as Facebook) to request a pause in Binance’s advertisements targeting Philippine residents.
This recent move closely resembles the actions taken by the Indian government, which employed a similar strategy to block access to Binance. Indian regulators first urged tech giants Apple and Google to remove the Binance app before completely restricting access to the platform by implementing a geoblock on its trading platform.
As previously reported, Binance is expected to make a compliant return to India after paying a substantial fine. Whether or not the company will follow a similar path in the case of the Philippines remains to be seen.