The SEC of the Philippines has asked Binance‘s crypto trading app to be removed from Google PlayStore and Apple App Store listings, according to their request.
Binance Operates as an Unregistered Broker in the Philippines
Emilio Aquino, the SEC chair, pointed out that Binance’s activities in the Philippines pose a risk to the investments of regional investors, according to the Securities regulator’s assessment.
The agency warns that using Binance websites and apps may pose a risk to the public. To minimize this risk, they are working closely with Google and Apple to take down the app from their marketplaces for Filipino users.
On April 19th, two distinct letters were dispatched to the involved tech companies concerning the issue at hand. The accusations made against Binance involve the selling of unregistered securities and functioning as an unregistered broker, which breaches the Securities Regulation code. It’s important to note that these are the identical charges leveled against the crypto exchange by the US SEC, headed by Gary Gensler, last year.
In June 2023, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance for alleged violations of securities laws, mishandling investor funds, and misleading both investors and regulators. The SEC further identified several cryptocurrencies – BNB, BUSD, ADA from Cardano, MATIC from Polygon, Solana, Cosmos, Decentraland, Axie Infinity, COTI, The Sandbox, Filecoin, and Algorand – as securities within and beyond the Binance platform.
The Philippine regulator’s recent requirement implies that the exchange has been unnoticed or under observation by the commission.
Recently, the Securities and Exchange Commission (SEC) of the Philippines took steps to prevent local residents from using Binance’s exchange. The National Telecommunications Commission was asked to assist in blocking access to Binance’s website and other related pages as it was discovered that Binance had been operating an investment and trading platform without the required license.
Binance Faced with Global Regulatory Hurdles
The Filipino government is taking various steps to curb the expanding illegal operations of Binance, as perceived by some. At the same time, they aim to protect their economy from potential harm caused by Binance, based on Mr. Aquino’s perspective.
Additionally, Binance encounters various regulatory challenges beyond the issues in the US and the Philippines. The crypto exchange recently halted trading in Nigeria due to increased regulatory scrutiny from the Nigerian government.
Two top officials at the exchange, Nadeem Anjarwalla and Tigran Gambaryan, have been involved in the scandal and face accusations from the Nigerian authorities. They are alleged to have facilitated money laundering worth approximately $26 billion, along with other allegations.
HashKey, a cryptocurrency exchange based in Hong Kong, has revealed that starting from May 2024, they will no longer accept deposit or withdrawal requests from wallets linked to Binance.
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2024-04-23 15:18