The Philippines is taking a tough stance against cryptocurrency exchange giant Binance. The Philippine Securities and Exchange Commission (SEC) has launched a multi-pronged attack to restrict Binance’s domestic operations and protect Filipino investors. Meanwhile, the exchange has been named as a defendant in a class-action lawsuit currently ongoing in Canada. Here are the details…
Philippines seeks to remove cryptocurrency exchange apps
On April 19, the SEC sent a formal request to Apple and Google, urging them to remove Binance-related apps from their app stores. This move indicates that tensions between the regulator and the stock market have increased significantly. The SEC argues that these apps pose a financial security risk to Filipino users.
The main concern centers around Binance offering unregistered securities. SEC Chairman Emilio Aquino emphasized that Binance’s activities violate Republic Act No. 8799 or the Securities Regulation Act. This legislation requires entities selling securities in the Philippines to register. The SEC believes Binance’s crypto derivatives products fall into this category.
Request to restrict Binance ads
The SEC doesn’t stop with removing apps. They also requested cooperation from technology giants such as Google and Meta to restrict Binance ads targeting Filipino users on social media platforms. This is intended to limit Binance’s reach and deter Filipinos from potentially risky investments.
The SEC is seeking help from government agencies such as the National Telecommunications Commission and the Department of Information and Communications Technology to completely block access to Binance in the Philippines. This ambitious move underscores the seriousness of the SEC’s perspective on the situation. Filipino investors are encouraged to take a proactive approach. The SEC recommends closing positions on Binance and transferring cryptocurrency assets to registered service providers. This protects their investments and reduces the risks associated with unregulated exchanges.
Binance is experiencing problems in many regions
The Philippines is not alone in this quest. cryptokoin.com As we reported, Binance is facing legal challenges around the world. In June 2023, the US SEC filed a lawsuit against the company, alleging violations of US securities laws. Similar accusations came from the Commodity Futures Trading Commission (CFTC) in March 2023. A class-action lawsuit is also ongoing in Canada accusing Binance of violating securities regulations by offering unregistered crypto derivatives.
What’s going on in Canada?
Meanwhile, an investor group in Canada filed a class-action lawsuit against Binance. The reason for the case is that Binance sells crypto derivative products without the necessary registrations and permissions. This violates Canadian securities laws and could significantly impact Binance’s operations in Canada. The plaintiffs allege that Binance failed to comply with the country’s crypto asset guidelines by selling crypto derivatives to Canadians by “bypassing all registration procedures.” They also argue that Binance’s platform violates rules prohibiting practices that could negatively impact investors. The plaintiffs are seeking monetary damages and reversal of all illegal transactions from Binance.
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