tl;dr
The Philippines SEC has warned 10 major cryptocurrency exchanges, including OKX, Bybit, KuCoin, Kraken, and others, for operating without proper authorization under new crypto regulations. These platforms continue to offer services to Filipino users without SEC registration, posing risks to investor...
The Philippines Securities and Exchange Commission (SEC) has issued a warning naming 10 major cryptocurrency exchanges—including OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex—for operating without the required authorization under the country's new crypto regulations. Despite the enforcement of SEC Memorandum Circulars No. 4 and No. 5, these platforms continued to offer or promote services to Filipino users without proper registration.
The advisory highlights that these platforms "have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public." This unauthorized activity, the SEC warns, exposes Filipino investors to significant risks. Most of the flagged exchanges remain accessible in the country and maintain active local marketing efforts.
The SEC cautions that the listed exchanges may not represent all violators, emphasizing that any entity offering or facilitating crypto trading without SEC approval is in breach of Philippine securities laws. The regulator pledges to pursue legal measures such as cease and desist orders and criminal complaints and plans to collaborate with technology companies like Google, Apple, and Meta to clamp down on unauthorized marketing campaigns. Notably, the SEC previously prompted Google and Apple to remove Binance’s app from their local app stores over investor protection concerns.
This regulatory crackdown in the Philippines reflects a broader Southeast Asian trend toward tightening controls on offshore crypto exchanges. Thailand and Indonesia have recently implemented stricter measures: Thailand’s SEC blocked five crypto exchanges, including Bybit and OKX, urging users to withdraw funds before shutdowns, while Indonesia increased tax rates on foreign crypto platforms, significantly raising trading income tax from 0.2% to 1% for offshore trades.
The Southeast Asian regulatory landscape is clearly shifting to enhance investor protection and combat illegal operations in the fast-evolving crypto sector, signaling heightened scrutiny and enforcement across the region.