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Following recent regulatory proceedings by the Philippine Securities and Exchange Commission (SEC), Binance has finally published a statement to its users regarding the removal request for its app from the Google Play Store and Apple App Store in the Philippines.
Meanwhile, Google and Apple are asked to listen to all sides of the issue, including Binance and its customers, before considering removing the app from their online markets.
The SEC demanded that Google and Apple delete Binance's applications, charging violations of Republic Act No. 8799, often known as The Securities Regulation Code, such as offering unregistered securities and operating without a broker's license.
The Commission stated that this measure is part of a larger crackdown to protect Filipino investors and prevent illicit investment operations.
Binance Response: PH Accessibility Issues Are Temporary
Despite the app's withdrawal, Binance comforted its users in an open letter, highlighting the security of their funds and the integrity of transactions.
The worldwide exchange also stated that it is committed to complying with Philippine regulations and making ongoing attempts to resolve the problem satisfactorily.
Binance also stressed that the situation is just temporary, as reported by BitPinas. “It’s important to note that in spite of the temporary accessibility issues, Binance is committed to complying with local regulations and securing a beneficial outcome for our users,” the company stated.
The exchange also warned against using third-party platforms to access Binance. “Please keep in mind that the unfolding situation is dynamic and complex. As we actively navigate this, we remind you the importance of staying informed and vigilant about third-party platforms claiming to provide access to Binance. We cannot endorse any unofficial methods for retrieving funds,” it furthered.
Nevertheless, Binance is promising to keep its users informed from now on. “We urge you to wait for official communications from our team. We will keep you updated on our progress and further actions,” the company shared.
This marks the first time Binance released an official statement about its situation in the Philippines. After the SEC released its advisory vs Binance in November 2023, the Binance spokesperson based in South Korea released a statement to the media.
“We acknowledge and respect the statement made by the Securities and Exchange Commission (SEC) of the Philippines. At Binance, we are committed to aligning with applicable local regulations. Under our new leadership, we have taken proactive steps to address the SEC’s concerns.”
After that comment, Binance has not returned any request for comments from this publication and other media as well.
Binance Faces Regulatory Hurdles Globally, Withdraws from U.S. Market Amid Legal Challenges
On April 8, following its official ban on Binance, an SEC representative stated that consumers had previously been given a three-month period, with an extension, to remove their cash from the exchange. Following this period, the SEC indicated that it "cannot endorse" any method of retrieving cash.
EconoTimes reported that the decision to outlaw Binance follows a crackdown by the SEC and NTC on February 21, when they attempted to shut and ban unregistered cryptocurrency trading platforms in the country. Binance is now unaffected.
Binance has been entangled in various regulatory crises around the world, the most recent of which being a new class-action lawsuit filed in Canada on April 23rd, following claims of violating provincial securities laws.
However, on April 18, the Bitcoin exchange said that it would return to India after paying a $2 million fine for previous breaches of local regulations.
On the same day, Binance was reported to have obtained its crypto license in Dubai, also known as the coveted Virtual Asset Service Provider (VASP), after co-founder Changpeng Zhao gave up his voting rights in the exchange's local organization.
Photo: Microsoft Bing
