The Philippines Securities and Exchange Commission (SEC) has directed tech giants Apple and Google to remove Binance's app from their app stores in the Philippines due to security concerns.
The SEC stated that Binance's operations pose a threat to the security of Filipino investors, citing violations of the country's securities regulations. This directive follows the blocking of access to Binance websites by the SEC and the National Telecommunications Commission (NTC) in March. Despite warnings issued by the SEC since November 2023, Binance continued to operate without a license.
Nigerians took to social media to express amusement and skepticism at regulatory actions against the platform, with some doubting the effectiveness of such measures. Many compared this move to the banning of Binance during the administration of Tinubu, with some criticizing those who condemned Tinubu's actions at the time. Some users claimed that the Philippine government may have taken a cue from Tinubu's stance on Binance.
