The regulator insists: the constant access of Filipinos to Binance websites and applications poses a serious threat of loss of funds.
SEC Chairman Emilio Aquino said the crypto exchange was offering unregistered securities and was also an unregistered broker, violating the country's securities laws. By removing Binance products from app stores, Google and Apple will help prevent illegal activity and have a positive impact on the economy.
The restrictions come a month after the National Telecommunications Commission (NTC) blocked access to Binance websites at the request of the SEC.
In December, the SEC gave crypto companies three months to apply for registration. In April, Philippine authorities banned the withdrawal of crypto assets from Binance, explaining that traders had enough time to withdraw funds.
Source: Bits
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