Binance app is no longer available in Philippines.

[Kavelj22]

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?

[Zaguru12]

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

[Oshosondy]

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.

[Potato Chips]

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

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

[Davidvictorson]

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.

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.  

[Kavelj22]

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.

[_act_]

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.

[Darker45]

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.

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.

[yhiaali3]

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.

[Husires]

- 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.

[BABY SHOES]

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.

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.

[Kavelj22]

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?

[m2017]

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.

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.

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?

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.

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.

[bhadz]

I've made a thread about their first move of banning Binance in our country: Philippines bans Binance

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

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.

[yhiaali3]

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.

[yudi09]

-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.

[The Cryptovator]

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. 

[Potato Chips]

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.

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.

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.

[bhadz]

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

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.  

[joniboini]

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).

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.