The regulator is adamant: Filipinos’ continual use of Binance’s websites and apps endangers their money.
The crypto exchange violated the country’s securities laws, according to SEC Chairman Emilio Aquino, since it offered unregistered securities and was also an unregistered broker. Taking Binance’s (NASDAQ:GOOGL) and Apple’s (NASDAQ:AAPL) products off their respective app stores will help curb criminal activity and boost the economy.
These limitations follow the National Telecommunications Commission’s (NTC) month-long block of Binance websites at the request of the Securities and Exchange Commission (SEC).
The SEC extended the registration deadline for cryptocurrency businesses by three months in December. Traders were given ample time to withdraw their funds from Binance before the ban was imposed in April by the Philippine authorities.