The Philippines SEC has directed tech giants Google and Apple to remove the Binance cryptocurrency app from their app stores within the country, citing security threats and potential economic risks.
This regulatory move aims to safeguard investors and ensure compliance with financial laws, targeting unauthorised financial activities facilitated by the app.
Emphasising the importance of financial regulations, SEC Chair Emilio B. Aquino underscores the need for action to uphold investor protection.
This decision reflects the broader trend of increased regulatory scrutiny on cryptocurrency platforms globally, highlighting the complexities of regulating digital financial activities.