These decisions are somewhat ridiculous and indicate the inability of state institutions to keep pace with the technological development taking place. This becomes clear when the authorities request that the Binance application be banned from Google and Apple stores without taking into account two important factors:
- First, the application can be downloaded from different download sources, not just from Google or Apple stores. It will not take much to obtain a guaranteed and reliable version of the application without the need to get it from any store on the phone. Therefore, this decision may open the door for fraudsters to spread fake APKs on Filipino market with the aim of stealing users data and assets.
- Secondly, Binance is not the only exchange in the market and Filipino users can easily find alternatives. I think this is the most possible and safest solution for users in the Philippines.
According to the same logic, will the authorities in the Philippines be able to cancel the applications of all exchanges and block all links to access them? I doubt that.
Topic: Binance app is no longer available in Philippines. - page 2. (Read 202 times)
As the title says, the Securities and Exchange Commission of the Philippines has ordered the removal of the Binance app from Google and Apple stores, confirming in a press release published today that allowing continued access to these applications poses a risk to the security of Filipino investors’ funds.
https://cointelegraph.com/news/philippines-sec-apple-google-remove-binance-app-stores
The same authority had called on the public from using Binance for trading since November 2023, noting that the platform had not obtained a license for its activity.
This news is an indication that more pressure is being imposed on Filipino users, although I appreciate the importance of what the Philippine authorities are doing on the basis of what appears to be protection of users’ financial activities and assets, and without indicating that the state may have resorted to such a decision due to its failure to impose taxes. .
What do you think?
I think that Binance a centralized exchange which already requires KYC from its customers who just register in a country before doing business there. It is not rocket science. Unless they have something to hide. https://cointelegraph.com/news/philippines-sec-apple-google-remove-binance-app-stores
The same authority had called on the public from using Binance for trading since November 2023, noting that the platform had not obtained a license for its activity.
This news is an indication that more pressure is being imposed on Filipino users, although I appreciate the importance of what the Philippine authorities are doing on the basis of what appears to be protection of users’ financial activities and assets, and without indicating that the state may have resorted to such a decision due to its failure to impose taxes. .
What do you think?
With they way it is going, other countries where they are operating "illegally" will take a leave from the Philippines, Nigeria, Canada, US and kick them out of their country but not after slamming a heavy fine on them.
According from a local news outlet, it doesn't look like binance can register anytime soon 
So I'm not expecting this all would be lifted anytime soon. Whether binance is interested in obtaining a license or nah is a different story though. I did look at Philippine peso "p2p market" and it looks like it is business as usual for many people.
Also, I'm assuming if you're a local who managed to install the app before the removal or through other means, then, it will still work, no? -- without altering IP
Can Binance Secure a License Today?
It should be noted, however, that Binance cannot obtain a license today because of the current moratorium for applications of new licensed virtual currency exchanges, set forth by the Bangko Sentral ng Pilipinas (BSP) in 2022.
It should be noted, however, that Binance cannot obtain a license today because of the current moratorium for applications of new licensed virtual currency exchanges, set forth by the Bangko Sentral ng Pilipinas (BSP) in 2022.
So I'm not expecting this all would be lifted anytime soon. Whether binance is interested in obtaining a license or nah is a different story though. I did look at Philippine peso "p2p market" and it looks like it is business as usual for many people.
Also, I'm assuming if you're a local who managed to install the app before the removal or through other means, then, it will still work, no? -- without altering IP
What do you think?
It is a good move by the Filipino SEC. Binance and those exchanges with huge trading volume do not register in many countries but providing crypto products and services to the people in the countries. Binance will later do what he did in India.So now this is another stricter law of not banning access to the use of it through IP according to this thread, but now banning or rather deleting the APP itself on google. This is definitely showing that the Philippine government isn’t going back at the ban. My question has always remain what’s the major thing they want from binance before they can give access. There are countries that they just want to tax them or tax their citizens. Other than that if it is for protection then they can just place light restrictions on it and advice people that they don’t have associate with them and they should maybe stay away from them or be careful but all this banning is too strict
It is good. Just like India did. Binance will peg them and maybe pay fine and register in the country just as he did in India. Then case close. This is better than the illiterate way Nigeria government are doing it. Maybe Nigeria SEC is even sleeping as I heard more of CBN, EFCC and other organizations that can not handle this better like the SEC.
So now this is another stricter law of not banning access to the use of it through IP according to this thread, but now banning or rather deleting the APP itself on google. This is definitely showing that the Philippine government isn’t going back at the ban. My question has always remain what’s the major thing they want from binance before they can give access. There are countries that they just want to tax them or tax their citizens. Other than that if it is for protection then they can just place light restrictions on it and advice people that they don’t have associate with them and they should maybe stay away from them or be careful but all this banning is too strict
As the title says, the Securities and Exchange Commission of the Philippines has ordered the removal of the Binance app from Google and Apple stores, confirming in a press release published today that allowing continued access to these applications poses a risk to the security of Filipino investors’ funds.
https://cointelegraph.com/news/philippines-sec-apple-google-remove-binance-app-stores
The same authority had called on the public from using Binance for trading since November 2023, noting that the platform had not obtained a license for its activity.
This news is an indication that more pressure is being imposed on Filipino users, although I appreciate the importance of what the Philippine authorities are doing on the basis of what appears to be protection of users’ financial activities and assets, and without indicating that the state may have resorted to such a decision due to its failure to impose taxes. .
What do you think?
https://cointelegraph.com/news/philippines-sec-apple-google-remove-binance-app-stores
The same authority had called on the public from using Binance for trading since November 2023, noting that the platform had not obtained a license for its activity.
This news is an indication that more pressure is being imposed on Filipino users, although I appreciate the importance of what the Philippine authorities are doing on the basis of what appears to be protection of users’ financial activities and assets, and without indicating that the state may have resorted to such a decision due to its failure to impose taxes. .
What do you think?
Jump to: