The Philippines Securities and Exchange Commission has officially requested to remove the Binance app from the country’s Google Play Store and Apple App Store.
SEC Chairman Emilio Aquino noted that continued access to the crypto exchange poses a threat to the security of the funds of investing Filipinos, a report from CNBC detailed.
This is part of the regulator’s continued crackdown on the world’s largest exchange by daily trading volume over claims of operating as an unregistered broker and offering unregistered securities to the Filipino public.
Aquino said that selling or offering unregistered securities to residents in the Philippines is a violation against the Republic Act No. 8799, also known as The Securities Regulation Code.
He said that the blocking of the Binance app will prevent the proliferation of illegal activities in the country and protect the investing public from its detrimental effects on the economy, local news reported.
This followed the previous advance by the country’s National Telecommunications Commission which has blocked websites used by the exchange.
Binance is currently the largest crypto exchange operating in the Philippines, with its global trading volume of $65 billion and 183 million user base.