The Philippine Securities and Exchange Commission (SEC) has flagged ten cryptocurrency exchanges for operating without proper registration. The regulator stated the platforms are non-compliant with local securities laws and has warned the public against using them.
The Philippine Securities and Exchange Commission (SEC) has warned against ten unregistered crypto entities and online platforms, including Kraken, Bybit, and OKX.
On Monday, the regulator emphasized the non-compliance issues in offshore crypto exchanges and cautioned the public against engaging with them.
The ten crypto exchanges provided services to Filipinos without the necessary registration or authorization from the Commission, as mandated by the SEC CASP Rules and Guidelines, which were implemented on July 5, 2025.
“The SEC has not granted these platforms any license, registration, or authorization to operate in the Philippines or to solicit investments from the public,” the SEC stated. “Their actions are unlawful and pose a substantial risk to Filipino investors.”
Philippines SEC to Take Enforcement Action Against Violators, Similar to Binance
The financial regulator of the Philippines restricted local user access to Binance in April 2024, citing concerns regarding the firm’s unlicensed operations in the country. Citizens were rendered incapable of withdrawing their funds due to the action.
The SEC terminated Binance’s website access and online trading platform following the assistance of the National Telecommunication Commission (NTC).
Furthermore, the regulator stated at the time that the prohibition of Binance from app stores such as Apple and Google would “prevent the further proliferation of its illegal activities in the country.”
Similarly, the Securities and Exchange Commission (SEC) announced on Monday that the Commission will pursue legal and regulatory action against the ten violators upon their compliance. This encompasses the issuance of cease and desist orders, the blocking of their websites and applications, and the submission of criminal complaints, among other measures.
In addition to the ten crypto firms, the Philippine Securities and Exchange Commission (SEC) has indicated that numerous other platforms are still accessible and engage in unauthorized marketing activities directed at Filipino residents.
The advisory also expressed apprehensions about national security, cautioning that unauthorized crypto platforms present significant risks for terrorist financing and money laundering.
