The Philippines Securities and Exchange Commission (SEC) recently issued a stern investment warning, naming 10 unauthorized international cryptocurrency platforms, and warned that if they continue to serve Filipino users, these platforms will face comprehensive blocking, ad removal, cease and desist orders, and even legal prosecution.
The 10 platforms named include:
OKX, Bybit, MEXC, KuCoin, Bitget, Phemex, CoinEx, Bitmart, Poloniex, Kraken
The SEC pointed out that these exchanges have never registered as legal entities in the Philippines, nor have they obtained legitimate financial licenses, yet they continue to solicit local investors, allegedly operating illegally.
SEC Warning:
"Using these platforms is extremely risky. Once the platform absconds, freezes funds, or gets involved in fraud, investors will not be able to receive protection under Philippine law."
More worryingly, the SEC pointed out that some platforms may be involved in money laundering, terrorist financing and other activities, posing a threat to national financial security.
Regulatory crackdown imminent, four measures being advanced:
Requesting the National Telecommunications Commission (NTC) to block websites and apps;
Requesting tech giants like Google, Meta to remove related ads;
Issuing cease-and-desist orders to the platforms;
Initiating civil or criminal proceedings according to law, holding them accountable.
Legislation countdown: Unregistered platforms will be illegal
According to the Cryptocurrency Asset Service Providers Rules (CASP Rules), starting July 2025:
All companies providing cryptocurrency trading, custody, and related services must:
Register as a legal entity in the Philippines;
Have a paid-up capital of not less than 100 million pesos;
Comply with anti-money laundering regulations and asset segregation systems.
Violators could be fined up to 1 million pesos and face up to 5 years imprisonment, and their platform licenses could be revoked.
SEC urges investors:
Immediately stop using unregistered platforms, be wary of "high yield" ads, celebrity endorsements, and suspicious projects. If you encounter fraud or abnormal situations, please report to the SEC.
"We will continue to increase enforcement efforts to create a transparent, safe, and orderly investment environment." — Statement from the Philippines SEC
