Print Page - Binance app is no longer available in Philippines.

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?

So now this is another stricter law of not banning access to the use of it through IP according to this thread (https://bitcointalk.org/index.php?topic=5490448.0), 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

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

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.

Quote from: Zaguru12 on April 23, 2024, 11:10:50 PM

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.

According from a local news outlet, it doesn't look like binance can register anytime soon ???

Quote from: https://bitpinas.com/regulation/sec-binance-app-google-apple/

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.

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

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

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.

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.

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.

Quote from: Potato Chips on April 23, 2024, 11:47:15 PM

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

I read in news that those that have the app already were still able to access the exchanges in India. Also as Nigeria blocked the websites of the exchanges, they can access it through the app. I think those in Philippine that has the app already will still be able to access it.

Quote from: Oshosondy on April 23, 2024, 11:37:19 PM

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

What do you think?

They're making money from its citizens without fulfilling their tax responsibilities. Moreover, being unlicensed and unregulated, they're not bound by official policies that suppose to protect its users. In which case, they have no accountability. From the point of view of the Philippine government, it must have been a good decision. But to those who have relied on Binance over other more questionable platforms, it must be a bad step.

I can't say Binance would be as eager in complying with regulatory demands in the Philippines as they are in India. India is the largest crypto market.

Binance's problems are increasing day after day. In the beginning it was the United States, then India, Nigeria, Canada, and now the Philippines. Perhaps the large fine that Binance paid to the American government encouraged everyone to fine Binance.

Removing the application will not prevent Filipino citizens from downloading the application from other sources, nor will it prevent them from accessing the website using a VPN. The Philippine government knows this and is most likely pressuring Binance to obtain a settlement whereby it will obtain some money from Binance, as happened with the Indian government. The Nigerian government is trying.

Quote from: Kavelj22 on April 23, 2024, 11:57:22 PM

- 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.

it is more of a Binance problem than a cryptocurrency exchange problem in the Philippines. Restrictions have been placed in Nigeria and India, and more countries have begun reviewing the binance’s license. It is better to withdraw balances if you have a large balance. to be able to download it from the Google Play: delete app data, running the VPN and reopening Google Play.
Google Play will move to version of other countries and then you can download banned apps safely.

Quote from: yhiaali3 on April 24, 2024, 10:51:56 AM

In Indonesia the Binance app is no longer available on the Play Store but the App Store is still available at the moment if you look at our local thread.

But until now there has not been any official statement from the local government but I'm sure this is all from the beginning of the US indictment against Binance which is increasingly spreading to many countries to delist Binance from the Play Store.

I'm still a Binance user and I'm fine with not having any issues despite the concerns in some countries that I've read about.

Can't they download the app through the Binance website directly? Which means Filipinos can still access Binance despite the news of the app's removal from the App Store.

Quote from: BABY SHOES on April 24, 2024, 03:25:59 PM

Can't they download the app through the Binance website directly? Which means Filipinos can still access Binance despite the news of the app's removal from the App Store.

I do not think this is possible unless Binance updates the application download links on its website. Currently, all links refer to well-known stores, and if the applications are uploaded from the stores on the phone, it is certain that they will not also be available in the stores on the computer.
On this same basis, a question occurred in my head about whether the Binance website will remain available on the Internet (Browser version) after the application is deleted from phone stores. Also, for users who are currently using the application, how will they be dealt with? Or is the government just seeking to limit the increase the number of users of the application?

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

It’s good that this is not the only way / place to buy / sell cryptocurrencies. :)

I hope Filipinos are smart enough to find alternative platforms.

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

This news is an indication that more pressure is being imposed on Filipino users,

This trend is happening to one degree or another all over the world. Governments have finally begun to notice cryptocurrencies and now they will not ignore it. Somewhere they will impose taxes, and somewhere they will limit the financial freedoms of their citizens, as in the Philippines. If a citizen earned money through his own labor and paid taxes on it, then it turns out that he cannot freely dispose of it (buy shitcoins on binance)? His money is his risk. Who and what right has to restrict an investor?

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

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,

Any government acts only in the interests of its citizens, including protecting the financial activities and assets of users. It can't be otherwise. :)

Any restrictions and infringements begin with such plausible pretexts.

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

and without indicating that the state may have resorted to such a decision due to its failure to impose taxes. .

Even they understand that no one will pay taxes on this now. :)

I've made a thread about their first move of banning Binance in our country: Philippines bans Binance (https://bitcointalk.org/index.php?topic=5490448.0)

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

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?

Tax is second but their compliance to register and license didn't pushed by Binance. And during this hot time of this news or when it's about to unveil, they've been working with their other asian country license which is specific for Thailand: Binance Thailand Crypto Exchange Open for Trading (https://www.coindesk.com/business/2024/01/16/binance-thailand-crypto-exchange-open-for-trading/)

Quote from: m2017 on April 24, 2024, 05:28:56 PM

I hope Filipinos are smart enough to find alternative platforms.

Actually, there are a lot of other global platforms that we can use and most of us have already moved our funds from there to the other one. We've got also a lot of local exchanges and this is what our SEC is pushing to be used by most of us. And the customers that have been on outside(intl) exchanges should go to them as the contribution of money that's being traded outside is a lot and they want to funnel it move to our locals and government.

Quote from: Kavelj22 on April 24, 2024, 05:16:09 PM

On this same basis, a question occurred in my head about whether the Binance website will remain available on the Internet (Browser version) after the application is deleted from phone stores. Also, for users who are currently using the application, how will they be dealt with? Or is the government just seeking to limit the increase the number of users of the application?

I think most likely the Binance website will be blocked by the Philippine government, but users can access the website on the browser or even on the app by using a VPN which as I believe most cryptocurrency users use a VPN to maintain their privacy.

What I mean is that as long as Binance does not ban Filipino users, they will still be able to access either the site or the app using a VPN. Hence, I think this government move is likely to put pressure on Binance.

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

-snip-

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?

Concerning licensing has become a problem faced by the Binance exchange in several countries. The authorities in making regulations, especially governments in several countries, act firmly against Binance, such as prohibiting Binance operations in these countries.
Binance should do something that allows them to operate safely without having to do that.

I will be on the side of the government regarding the ban on Binance operations in each country that prohibits it because they cannot profit from Binance.
If you want to be safe, take care of the permits so that they are legal and won't harm Binance at all because what they pay is only a small portion of the profits they make.
In my country, the Binance Exchange application can no longer be found on Playstore. In our country, binance is also not legally registered with a legal entity.

They just want to make a profit while permits are not taken care of. Yes, it's impossible.

I think more exchanges have the same condition in the Philippines. I can't recall the press releases, but I remember the Philippine government taking action against three exchanges. Binance and two more—I forgot the name. So most likely, they didn't comply with government rules or have some other issues. It seems pretty aggressive to remove apps and collect data from people who have been using Binance. Binance should solve the issue if they want to continue business in the Philippines.

Quote from: The Cryptovator on April 25, 2024, 09:14:27 PM

Etoro and the rest are obscure so I'm not surprised you don't remember, I don't remember them as well lmao. But PH SEC did reveal they have a list of targets so more will follow.

Quote from: The Cryptovator on April 25, 2024, 09:14:27 PM

It seems pretty aggressive to remove apps and collect data from people who have been using Binance. Binance should solve the issue if they want to continue business in the Philippines.

I actually think PH is on the laxer side but perhaps you're talkin about Nigeria? I'm not denying that PH govt did collect user data as they may have done so in public but as far as public news is concerned, I've only seen Nigeria demanding this recently hence the question.

Okay, their email has come and I've been waiting this since November when the advisory was announced by our SEC.

Quote from: bhadz on April 25, 2024, 10:34:39 PM

Quote from: do_not_reply@mailersp1.binance.com

Important Notice Regarding Accessibility of Binance in the Philippines

Dear Binancians,

We hope this message reaches you well. We are getting in touch with some recent developments that may have impacted your use of our platform.

The Philippines Securities and Exchange Commission (SEC) has requested Google and Apple to remove the Binance app from their respective stores for the Philippines.

We want to assure you that your funds are secure and the integrity of your transactions remains our top priority. The removal of our app from Google and Apple stores does not affect the safety of your assets.

It's important to note that in spite of the temporary accessibility issues, Binance is committed to complying with local regulations and securing a beneficial outcome for our users.

Please keep in mind that the unfolding situation is dynamic and complex. As we actively navigate this, we remind you the importance of staying informed and vigilant about third-party platforms claiming to provide access to Binance. We cannot endorse any unofficial methods for retrieving funds.

We urge you to wait for official communications from our team. We will keep you updated on our progress and further actions.

This is a challenging time, and we want you to know that we are working tirelessly to ensure minimal disruption to your trading experience. We appreciate your trust and patience as we work through this situation.

If you have any queries or need assistance, our customer support team is here to help.

Thanks Binance but no thanks anymore, most of us have already pulled out the little funds that we've got there. We'll miss your launchpool and simple earn. :'(

Quote from: BABY SHOES on April 24, 2024, 03:25:59 PM

Can't they download the app through the Binance website directly? Which means Filipinos can still access Binance despite the news of the app's removal from the App Store.

I think it is bad practice to rely on users to download the right apk when they don't provide any hash, not to mention the direct update link from the app is referred to some mirror links that are not popular at all (at least that's how it goes the last time I read about this).

Quote from: bhadz on April 25, 2024, 11:02:32 PM

Thanks Binance but no thanks anymore, most of us have already pulled out the little funds that we've got there. We'll miss your launchpool and simple earn. :'(

I feel like their wording implies they might re-enter the Phillippines market though, but well, who knows. If it allows your local market to flourish I think that's not a bad trade. CMIIIW.

Quote from: joniboini on April 27, 2024, 07:13:24 PM

Quote from: BABY SHOES on April 24, 2024, 03:25:59 PM

Can't they download the app through the Binance website directly? Which means Filipinos can still access Binance despite the news of the app's removal from the App Store.

It's better to keep accessing the site directly rather than relying on apps that are clearly no longer available on the Play Store and other stores.
Sometimes people just want to be practical including myself still using the old version of the Binance App has not been updated again, if for example the app is slow because of the old version then still the site can still be relied on.

Quote from: joniboini on April 27, 2024, 07:13:24 PM

I feel like their wording implies they might re-enter the Phillippines market though, but well, who knows. If it allows your local market to flourish I think that's not a bad trade. CMIIIW.

It's indeed a big who knows lol.

Binance has also expressed similar sentiment amidst the block warning -- last year!

Quote from: Potato Chips on January 05, 2024, 09:24:53 PM

Lastly, from another local news article, binance apparently hinted they would:

Quote from: https://www.rappler.com/business/securities-exchange-commission-moves-block-binance-urged-investors-close-positions/

In an emailed statement, Binance said it is committed to align with Philippine laws.

“We acknowledge and respect the statement made by the Securities and Exchange Commission of the Philippines. At Binance, we are committed to aligning with applicable local regulations. Under our new leadership, we have taken proactive steps to address the SEC’s concerns,” Binance said. –

And then we have a statement from Philippine SEC indicating they did not try to register or made any effort

Quote from: https://bitpinas.com/regulation/sec-binance-app/

According to Atty. Paolo Ong, Officer-in-Charge of the SEC Philifintech Innovation Office, with Binance already operating without a license, the SEC had reached out to the platform but ultimately felt that Binance did not make any effort to get a license or engage in dialogue with them.

“As far as the SEC is concerned, there were no formal or official application to register in the Philippines.” - Atty. Paolo Ong, Officer-in-Charge of the SEC Philifintech Innovation Office

So I'm starting to wonder if this is one of their canned answers lol.

Quote from: Potato Chips on April 27, 2024, 09:08:14 PM

Quote from: joniboini on April 27, 2024, 07:13:24 PM

~snip~

Quote from: Potato Chips on January 05, 2024, 09:24:53 PM

Lastly, from another local news article, binance apparently hinted they would:

Quote from: https://www.rappler.com/business/securities-exchange-commission-moves-block-binance-urged-investors-close-positions/

And then we have a statement from Philippine SEC indicating they did not try to register or made any effort

Quote from: https://bitpinas.com/regulation/sec-binance-app/

So I'm starting to wonder if this is one of their canned answers lol.

I'm not privy to what particular steps Binance may be taking away from the public, but I suspect this is them giving a canned response.

But if we are to believe the SEC, then Binance is saying one thing and doing another. Actions speak louder than words. The company has a significant market here. We don't expect them to just say, "we don't plan to abide with Philippine laws and intend to abandon the country's market."

They need to do some sweet talking to somehow appease their beleaguered patrons, even if they're actually doing nothing in reality.

Quote from: joniboini on April 27, 2024, 07:13:24 PM

Quote from: bhadz on April 25, 2024, 11:02:32 PM

Thanks Binance but no thanks anymore, most of us have already pulled out the little funds that we've got there. We'll miss your launchpool and simple earn. :'(

I feel like their wording implies they might re-enter the Phillippines market though, but well, who knows. If it allows your local market to flourish I think that's not a bad trade. CMIIIW.

Yeah, that's how it should be but they've done that even before the SEC advisory but this is the first time that they've given any statement regarding this matter. But with that, I am not expecting anything positive to happen as of this moment but maybe in a couple of months, there could be some great changes that will allow us to get back on their platform without having any legal issues. With some of our countrymen that can still access Binance through desktop, they're still on it and gets into their launchpad as Binance can't confiscate their users money just because of this restriction from our SEC.

Quote from: Kavelj22 on April 23, 2024, 10:54:37 PM

-snip-
What do you think?

What I can only think of is that Binance is irresponsible, if I must say, they should not have allowed it to get to this level. I replied to a similar thread in February if I remember correctly, but then, it was only the website that was blocked and not the removal of the app from the app stores. It shows the high degree of the reluctance of Binance to cooperate with lawful authorities, which is sad. My country has a worse issue with Binance but the app is still working here. Let me believe the reason is that my country may not be so techy to the point of blocking the app but the website ;D, and they might not have thought that the app should be removed from the store as well. Either way, it is still working, but I hardly have a penny in my Binance account anymore, I just don't want to be caught in this web.

I urge the people of the Philippines to do the same as well not because of the claims that their government is protecting their funds, it's a big lie, which funds are protecting? But because they need to join hands with the government to fight a tyrant from gaining from them and not try to cooperate to give back to the people of the Philippines in the form of taxes. Perhaps they want to continue with their money laundry activities because if Binance could be guilty of that in the US, I wonder how guiltier they would be in their global branch.

Quote from: joniboini on April 27, 2024, 07:13:24 PM

Quote from: bhadz on April 25, 2024, 11:02:32 PM

Thanks Binance but no thanks anymore, most of us have already pulled out the little funds that we've got there. We'll miss your launchpool and simple earn. :'(

I feel like their wording implies they might re-enter the Phillippines market though, but well, who knows. If it allows your local market to flourish I think that's not a bad trade. CMIIIW.

It is not surprising that Binance will return to the Philippine market if it succeeds in negotiations with the authorities there. This can be predicted after the recent news regarding Binance in India, as after being banned for 4 months, Binance succeeded in reaching an agreement to pay a fine of 2 million dollars due to its failure to comply with Indian laws and thus return to activity according to certain conditions. This news was published on April 18, and I did not notice the news until today, when a member of my local section posted about it.
https://economictimes.indiatimes.com/tech/technology/binance-coins-a-new-phase-in-india/articleshow/109382161.cms?from=mdr

So, the same thing could work with the Philippines if there is a chance that the government will obtain an agreement against the charges against Binance (according to the settlement agreement) while ensuring the provision of a legal activity license under which the platform will return to the Philippine market (although I doubt that it have completely exited it as long as the links remain active.)

Just an update: many of our fellow countrymen is still able to acces Binance through desktop whilst for the APP, they're having some connection issues. I have seen in other crypto communities on social media that many still uses Binance and yes, they're from our country and having no issues at all. But for me, I wouldn't take that risk until this issue is clear and our SEC gives a go-signal for Binance to re-operate although there's really no stoppage at all. Knowing our country, this is sad that they are not truly strict with implementation of the law.

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Economy => Exchanges => Topic started by: Kavelj22 on April 23, 2024, 10:54:37 PM