The Philippine Securities and Exchange Commission (SEC) has issued an order to Google and Apple to remove the Binance app from their respective app stores, specifically for users in the Philippines.
In a press release dated April 23, the SEC stated that it has been working with the two tech companies to remove "apps operated by cryptocurrency giant Binance."
The SEC sent individual letters to Google and Apple on April 19, requesting the removal of the apps from local markets.
According to SEC Chairman Emilio B. Aquino, after identifying Binance, the commission has determined that continued public access to its websites and apps poses a threat to the security of Philippine investors.
He further stated that selling or offering unregistered securities to locals and operating as an unregistered broker is a violation of the country's securities regulations.