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Philippines orders Google, Apple to remove Binance from app stores

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Zhao Changpeng, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 16, 2022. 

Benoit Tessier | Reuters

The Philippines’ Securities and Exchange Commission has ordered Google and Apple to remove cryptocurrency exchange Binance from their app stores.

In a press release out Tuesday, the regulator said it had sent letters to Google and Apple requesting the removal of applications controlled by Binance from the Google Play Store and Apple App Store, respectively.

SEC Chairperson Emilio Aquino said the Philippine public’s continued access to Binance sites and apps “poses a threat to the security of the funds of investing Filipinos.”

The agency accused Binance of offering unregistered securities to Filipinos and operating as an unregistered broker, adding that this violates the country’s securities laws.

Binance, Google and Apple were not immediately available for comment when contacted by CNBC.

Aquino said that blocking Binance from the Google and Apple app stores would help “prevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy.”

The Philippines’ National Telecommunications Commission has previously moved to block access to websites used by Binance in the country.

The SEC says it earlier warned the Philippine public against using Binance and began studying the possibility of blocking Binance’s services in the Philippines as early as November last year.

The SEC said Binance has been actively promoting its services on social media to attract funds from Filipinos, despite not being licensed by the regulator.

The watchdog said it is urging Filipinos with investments in Binance to immediately close their positions, or to transfer their crypto holdings to their own crypto wallets or exchanges registered in the Philippines.

The action adds to a litany of woes for Binance, which recently replaced its CEO with Richard Teng, the former chief of UAE regulator Abu Dhabi Global Markets, in November 2023, after a U.S. government settlement ordering the company to pay a $4.3 billion fine for alleged money laundering violations.

Former Binance CEO Changpeng Zhao was charged with violating the Bank Secrecy Act and agreed to step down. Zhao’s sentencing is expected to take place on April 30.

Binance has separately been sued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission over alleged mishandling of customer assets and the operation of an illegal, unregistered exchange in the U.S.

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T. Rowe Price likes stock picking now

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One of the largest active ETF managers on leveraging fund tactics in new ways

It appears T. Rowe Price is benefitting from the record growth in actively managed exchange traded funds.

Tim Coyne, the firm’s head of ETFs, reports the firm is seeing significant growth in the area — listing the T. Rowe Price Capital Appreciation Equity ETF (TCAF) and T. Rowe Price U.S. Equity Research ETF (TSPA) as two established strategies that can satisfy investor demand.

“I think having that professionally managed portfolio is really beneficial to clients,” Coyne told CNBC’s “ETF Edge” this week. “We’re seeing just… greater volatility [and] uncertainty across both the equity and fixed income markets.

According to Coyne, the T. Rowe Price Capital Appreciation Equity ETF suits investors who are looking for long-term growth.

“The objective of the fund is to outperform the S&P 500 with lower volatility and greater tax efficiency,” he said. “It’s also a more concentrated portfolio, typically holding around a hundred names.”

As of April 24, the fund’s top holdings include Microsoft, Amazon, and Apple according to the T. Rowe Price website. But it’s not all Big Tech. The ETF also features smaller positions in companies like Becton Dickinson and Roper Technologies.

The T. Rowe Price Capital Appreciation Equity ETF is down about 5% so far this year while the S&P 500 is off about 7% However, the ETF is up close to 8% over the past year — roughly identical to the S&P 500’s performance.

Coyne notes the T. Rowe Price U.S. Equity Research ETF follows a similar strategy, but with a heavier weighting in top tech stocks.

“This is more of a large-cap growth product [T Rowe Price U.S. Equity Research ETF],” he said. “There are components of characteristics of both passive and active here. This fund is actually managed by our North American directors of research. So again, strong fundamental research is going into the stock selection.”

Both the T. Rowe Price U.S. Equity Research ETF and S&P 500 are down around 7% since the beginning of the year. Meanwhile, the fund is up almost 9% over the past year. That’s less than one percent better than the S&P 500’s performance.

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T. Rowe Price U.S. Equity Research ETF vs. S&P 500

‘Some form of bear market’

Strategas Securities’ Todd Sohn thinks investment demand for active managers will continue to be strong.

“This is the type of the environment where it [active management] can actually shine,” the firm’s senior ETF and technical strategist said. “We are in some form of bear market. This is where the active manager really can come into hand and offer their solution they are doing right.”

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