SEC remains optimistic on removal of Binance in Google, Apple app stores

MANILA, Philippines —  The country’s corporate regulator remains optimistic that its call for the removal of applications operated by cryptocurrency giant Binance in app marketplaces accessible in the Philippines will be heeded by tech giants Google and Apple.

Securities and Exchange Commission (SEC) commissioner McJill Bryant Fernandez told The STAR that the commission has had discussions with Google following their request last April.

He said Google has asked for some documents but has expressed its cooperation on the matter.

“I think they (Google) are just asking for some documentation but I don’t think it is really a reservation for them to block. On Apple, I have no update,” Fernandez said.

The SEC last April sent separate letters to Google and Apple to request the removal of applications controlled by Binance.com from Google Play Store and the Apple App Store, respectively.

According to the commission, the removal and blocking applications of Binance is aimed at preventing the further proliferation of its illegal activities in the country as well as protecting the investing public from its detrimental effects on the economy.

The Binance app is still downloadable on the Google Play Store and Apple App Store as of yesterday.

The SEC has warned the public against investing in and using Binance as early as November last year.

In its meeting last March, the SEC en banc approved the filing of a formal request with the National Telecommunications Commission (NTC) for assistance in blocking the website and other web pages used by Binance to help stop its unauthorized investment solicitation activities in the country.

The NTC, in response, ordered all internet service providers to block access to the website of Binance as the government pursues a crackdown against the crypto trader.

Binance offers a platform for trading financial instruments and investment products— including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services and a platform for initial coin offerings, according to the SEC.

The SEC said Binance has not secured from the commission a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities.

Former Binance CEO Changpeng Zhao last April was sentenced to four months in prison after pleading guilty to money laundering.

SEC director Oliver Leonardo said Binance is no stranger to enforcement actions of other jurisdictions.

However, despite the government’s efforts against Binance, Leonardo said “Filipinos have ways to still access if they want.”

Leonardo said the SEC is currently working on a regulatory framework for digital assets and digital asset service providers.