The Philippines’ Securities and Exchange Commission has sent letters to Apple and Google requesting the removal of Binance apps from their respective app stores, according to CNBC.
Binance is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. It was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software.
The Philippines’ Securities and Exchange Commission accuses Binance of offering unregistered securities to Filipinos and operating as an unregistered broker. The regulator said that blocking Binance from app stores would help “prevent the further proliferation of its illegal activities in the country.”
