At Extreme Investor Network, we strive to provide our readers with the most up-to-date and valuable information in the world of finance. Today, we want to bring your attention to the recent developments involving Binance, one of the world’s largest cryptocurrency exchanges.
The Securities and Exchange Commission (SEC) in the Philippines has taken a bold step by ordering Google and Apple to remove the Binance app from their respective app stores. This move comes as the SEC accuses Binance of offering unregistered securities to Filipino investors and operating as an unregistered broker, which goes against the country’s securities laws.
SEC Chairperson Emilio Aquino expressed concern over the security of funds belonging to Filipino investors who have access to Binance’s sites and apps, highlighting the potential threat it poses. By blocking Binance from the app stores, the SEC aims to protect the investing public from any detrimental effects on the Philippine economy.
This action adds to the challenges faced by Binance, which recently underwent a leadership change with Richard Teng taking over as CEO. Former CEO Changpeng Zhao faced charges of violating the Bank Secrecy Act and stepped down as a result. Binance has also faced legal action from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission over alleged mishandling of customer assets and running an illegal, unregistered exchange in the U.S.
For Filipino investors with holdings on Binance, the SEC advises closing positions or transferring assets to registered crypto wallets or exchanges in the Philippines. We will continue to monitor this situation closely and provide updates as they unfold. Stay informed with Extreme Investor Network for all your finance news and insights.
