Philippines’ SEC Warns Against Unlicensed Crypto Exchanges

The Securities and Exchange Commission (SEC) of the Philippines has warned the public about ten crypto exchanges.

The regulatory agency said these trading platforms are not registered or licensed to operate in the country.

Some of the big names on the list include popular global platforms like OKX, Bybit, and Kraken.

According to the SEC, these crypto platforms are not registered under the country’s new crypto rules and are putting Filipino investors at risk.

This move comes as other countries are also starting to put more pressure on crypto exchanges .

SEC Says Unlicensed Crypto Operations Put Investors at Risk In a public statement, the SEC named OKX, Bybit, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex as unregistered crypto platforms.

These platforms are accused of offering services such as crypto trading and investment without getting approval from the SEC.

The commission made it clear that these exchanges have no license, no registration, and no legal authority to operate or accept investments from the public in the Philippines.

The SEC’s action comes after the implementation of two new regulations: SEC Memorandum Circular No. 4 and No. 5. These new regulations became effective on Tuesday.

These rules require all digital asset platforms that serve Filipino users to register with the SEC.

Under these rules, the listed exchanges are not following these rules.

They continue to offer services to users in the Philippines without going through the proper legal process.

Crackdown on illegal Crypto Promotions and Advertisement in the Philippines The SEC also warned the public about the dangers of using these unregistered crypto platforms .

These platforms are not properly supervised, which means people could lose their money without any legal protection.

The Commission also believes that more illegal platforms may still be operating in the country.

It has promised to keep investigating and taking action against them.

To stop the spread of these illegal services, the SEC is working with big tech companies like Google, Apple, and Meta.

Together, they are trying to block mobile apps, online ads, and social media promotions that come from unlicensed crypto exchanges.

Furthermore, the new rules also state that anyone who promotes or helps others access these unregistered platforms is breaking the law.

A Growing Global Trend This is not the first time the Philippine SEC has taken action against a big crypto exchange.

In April 2024, the SEC blocked access to Binance because it was working without a license .

The National Telecommunications Commission (NTC) helped by closing down Binance’s website and trading services for users in the Philippines.

The Philippines is not the only country increasing pressure on crypto exchanges.

In Thailand, the SEC has filed a lawsuit against OKX for operating without registration since 2021. South Korea has also raised concerns.

Its Financial Intelligence Unit (FIU) directed Google to block access to 17 unlicensed crypto exchanges.

The companies involved are MEXC, Phemex, XT, CoinEx, BitMart, and Poloniex.

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