The Philippines’ Securities and Exchange Commission (SEC) has stepped up its ongoing regulatory crackdown, ordering Google and Apple to remove Binance, the world’s largest cryptocurrency exchange, from their respective app stores. This follows earlier regulatory actions against the exchange’s operations in the Asian country.
Binance Faces Escalating Legal Challenges
According to a recent CNBC report, the SEC alleges that Binance violated securities laws by offering unregistered securities to Filipino investors and operating as an unregistered broker. The regulator believes that continued access to Binance sites and apps threatens the security of investing Filipinos’ funds.
SEC Chairman Emilio Aquino emphasized the need to protect the investing public and the economy from the “harmful effects” of Binance’s alleged illegal activities.
The Philippine National Telecommunications Commission had previously taken measures to block access to Binance’s websites
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