Not surprising. The local duopoly in the country already has their crypto exchanges integrated in their e-cash app so Binance is just cutting on those companies' bottom line.

Binance doesn't want to play with PHG (or probably isn't even allowed to play since it looks like they didn't get the permit to operate in the country).

So it's not about Binance peddling unregisted securities (i.e: any crypto not Bitcoin) since Maya and Gcash are peddling the same crap.