Binance, the popular cryptocurrency exchange, has recently been facing a barrage of regulatory challenges from various national authorities.
The latest antagonization comes from the Philippines, where the government has taken a firm stance and is seeking to expel Binance from the country by all possible means.
Since 2023, Binance has faced increasing challenges in the Philippines, leading the country's Securities and Exchange Commission (SEC) to take significant steps.
In a recent official statement, the Philippine SEC announced its cooperation with tech giants Google and Apple to remove apps linked to Binance from their app stores.
The Securities and Exchange Commission (SEC) sent separate letters to Google and Apple dated April 19 to address concerns regarding Binance's operations in the Philippines.
SEC Chairman Emilio B. Aquino stressed the commission's findings about Binance, mentioning possible threats to the security of Filipino investors' money.
“The SEC made some findings about Binance and concluded that the public's constant access to these websites/applications poses a threat to the security of Filipinos' investment funds. Binance violates the laws of the country,' he stated
The Chairman also pointed out Binance's supposed violations of Philippine laws, stating that the crackdown would protect the public and prevent further Binance expansion.
The SEC's directive matches its earlier warnings to the public about the risks of dealing with Binance, showing a continued effort to regulate the platform's activities.
Why Binance Got Banned in the Philippines
In November 2023, the Philippine SEC cautioned individuals to exercise caution while using Binance.
Subsequently, the SEC directed its efforts towards restricting Binance's online presence in the Philippines, concerned about the company's compliance with Philippine laws.
Consequently, the decision to remove Binance applications from local stores was based on the actions taken by the Philippine SEC.
The recent move by the Philippine SEC adds to the problems Binance is already facing from financial regulators worldwide.
The exchange's global reputation is in doubt with the Philippines joining the list of countries checking up on Binance.
Removing Binance apps from local stores prevents Filipino users from getting them, which shows how cryptocurrency exchanges are feeling pressure from regulators.
Binance's Response and Future Outlook
Binance hasn't officially commented on the SEC's decision yet, but based on its previous experience with similar issues, it might try to follow the rules and cooperate with authorities.
Binance is still facing regulatory problems and worries about whether it's following laws in different countries. In Nigeria, the crypto company has some of its executives arraigned for money laundering.
As Binance tries to handle these problems, its ability to keep running and maintain user trust is being watched closely.
Wrapping Up
The Philippines' choice to remove Binance apps from local stores shows its commitment to following cryptocurrency rules. The Philippine SEC wants to protect investors and keep the local financial system safe by working with big companies like Google and Apple. As Binance faces these challenges, it needs to deal with issues raised by regulators worldwide to ensure its long-term viability.