Binance at risk of losing users in the Philippines

The cryptocurrency exchange Binance has encountered problems in the Philippines, where the local regulator has demanded that Google and Apple remove the Binance app from their app stores for Filipino users. This requirement is a continuation of the SEC’s pressure on Binance, which began back in March when the regulator asked the National Telecommunications Commission (NTC) to block access to the exchange’s website.

According to the SEC, Binance is operating in the Philippines without the necessary license and is offering users the opportunity to invest in securities that are not registered on the domestic market. SEC Chairman Emilio Aquino emphasized that such practices create risks for investors and threaten the stability of the country’s financial system. The regulator is concerned about the growing popularity of Binance among Filipino users. According to the SEC, the number of local customers of the exchange is constantly increasing, which could lead to negative consequences for the state’s economy in the event of problems on the platform or market manipulation.

So far, Google and Apple have not responded to the request of the Philippine authorities, and the Binance app is still available for download. It remains unclear whether the tech giants will agree to meet the regulator halfway and restrict access to the app for Filipino users.

The situation with Binance in the Philippines demonstrates the growing attention of regulators to cryptocurrency exchanges and their desire to control the activities of these platforms to protect investors and ensure financial stability.