Cryptocurrency behemoth Binance may encounter obstacles in conducting operations in the Philippines as the country’s Securities and Exchange Commission (SEC) has urged Apple and Google to eliminate Binance’s app from their app stores. This action comes after months of cautionary advice from the regulator advising residents against engaging with the company.

Emilio Aquino, the Chairperson of the Commission, stated in a press release that allowing continued access to Binance’s websites/apps poses a security threat to the investments of Filipinos. He emphasized that the offering of unregistered securities and functioning as an unregistered broker violates the securities code of the country. Aquino highlighted that blocking Binance’s apps is essential to halt the proliferation of its illicit activities and safeguard the public from its adverse impacts on the economy.

Despite reaching out to Binance for a statement, PYMNTS is yet to receive a response.

The SEC’s scrutiny of Binance began last year when it declared in November that Binance lacked registration as a corporation authorized to sell securities in the Philippines. This move was part of a broader set of challenges faced by the company across Asia.

In its recent news release, the SEC disclosed that it had also enlisted the National Telecommunications Commission to restrict access to Binance’s websites in the Philippines to curb unauthorized investment solicitations.

This regulatory action mirrors efforts by Indian authorities, who earlier this year requested Google and Apple to expel Binance and other cryptocurrency firms from their app stores. Additionally, in December of the previous year, India’s Financial Intelligence Unit took steps to block the URLs of nine offshore virtual digital asset service providers, including Binance, for non-compliance with the country’s anti-money laundering regulations.

In Nigeria, Binance is entangled in allegations of money laundering and tax evasion, leading to the arrest of two executives in February. Binance’s CEO, Richard Teng, mentioned that the company is collaborating with Nigerian authorities to address the situation, as reported by Reuters.

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