Binance to Face Removal From Apple and Google App Stores in the Philippines

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The Securities and Exchange Commission (SEC) takes action against Binance, the biggest cryptocurrency exchange globally. The SEC is requesting the removal of Binance’s mobile app from the Google Play Store, and Apple App Store in the Philippines.`

SEC Escalates Dispute With Binance

According to a press release, this development signals a significant escalation in regulatory scrutiny over cryptocurrency activities in the Philippines, raising concerns about the future of the exchange’s operations in the region.

Notably, the SEC’s action follows a series of regulatory challenges faced by Binance globally, reflecting a broader trend of increased regulatory scrutiny on cryptocurrency exchanges. Although the reasons behind the potential removal remain undisclosed, it is widely speculated to be linked to regulatory concerns regarding compliance with Local laws and regulations.

According to SEC Chairperson Emilio B. Aquino, Binance’s applications should be removed and blocked to prevent the proliferation of illegal activities and protect the public from its detrimental effects on the economy. 

Uncertainty Over Resolution

The trading platform has remained silent regarding the SEC’s actions. However, the regulator has reaffirmed its request to the National Telecommunications Commission to prevent access to the exchange’s websites in the Philippines. This action will stop Binance’s unauthorized investment solicitation activities in the country.

The resolution of the SEC’s action against Binance is still unclear. In the meantime, the SEC urges Filipino investors with investments in Binance to end their positions and transfer their cryptocurrency holdings to their crypto wallets as soon as possible.

Binance and Nigeria

Nigeria has escalated the ongoing conflict with Binance as authorities have requested comprehensive user data and transaction records from the platform. Meanwhile, the country’s central bank governor, Olayemi Cardoso, accused Binance Nigeria of processing illicit flows amounting to $26 billion from unidentifiable sources in the previous year.

Furthermore, Nigerian authorities have accused Binance of contributing to the devaluation of the national currency, the naira. As such, Binance dropped the Nigerian Naira from its peer-to-peer (P2P) trading platform

Meanwhile, the 2nd Circuit Court of Appeals in Manhattan revived a lawsuit where investors accused the company of violating United States securities laws. The lawsuit contends that the exchange sold unregistered tokens that subsequently incurred substantial losses for investors.

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