Philippines SEC Cracks Down on Binance-Linked Apps
The Philippines’ Securities and Exchange Commission (SEC) is actively working to remove applications linked to Binance from popular app marketplaces. Apple and Google have both received separate requests from the SEC to take down these apps, emphasizing the threat they pose to the security of Filipino investors’ funds.
SEC’s Regulatory Action
- The SEC has identified Binance and determined that allowing continued access to these apps puts Filipino investors at risk.
- SEC Chair Emilio Aquino highlighted that offering unregistered securities and serving as an unregistered broker is a violation of the country’s Securities Regulation Code.
- The removal of Binance apps is seen as a measure to prevent illegal activities in the Philippines related to unregistered securities.
Response from Binance
- Binance has not yet responded to the SEC’s request for comments on the matter, leaving the situation unresolved as of now.
Philippines SEC Warns Public, Blocks Access to Binance
This regulatory action from the SEC follows a recent class-action lawsuit filed against Binance in Canada, highlighting increasing scrutiny and legal challenges faced by the cryptocurrency exchange.
Hot Take: Upholding Investor Protection Regulations
As regulatory bodies like the Philippines SEC take decisive measures to protect investors and enforce compliance with securities laws, the cryptocurrency market continues to evolve under heightened scrutiny and oversight.
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