The Securities and Exchange Commission (SEC) of the Philippines has taken decisive action against cryptocurrency exchange Binance, issuing orders to Google and Apple to remove its apps from their respective stores, according to CNBC. 

Allegations of offering unregistered securities and operating as an unregistered broker have prompted this move, with SEC Chairperson Emilio Aquino emphasizing the threat posed to Filipino investors. The SEC accused Binance of promoting its services without proper licensing and urged Filipino investors to close their accounts or transfer funds to registered exchanges.

The regulator's move is to curb the proliferation of Binance's activities in the country, citing concerns about its impact on the economy. 

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Binance Under Philippine SEC's Radar

Now, this isn't the first case the Philippine SEC cracked down on Binance, as this development follows previous efforts by the National Telecommunications Commission to block access to Binance websites. 

Despite warnings and ongoing investigations, Binance has continued promoting its social media services, prompting the SEC to advise affected investors to close their positions or transfer their holdings to registered exchanges. 

Binance's troubles extend beyond the Philippines. It faces legal challenges in the U.S., including hefty fines, allegations of money laundering violations, and lawsuits from regulatory agencies like the SEC and the Commodity Futures Trading Commission. Its former CEO, Changpeng Zhao, also faces charges of violating the Bank Secrecy Act and is expected to step down pending sentencing.

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