Highlights:
- The SEC has named ten crypto exchanges for operating without approval.
- The SEC is planning legal action to stop unauthorized crypto services in the country.
- The Commission also plans to remove the unregistered platforms from app stores and advertising channels.
The Philippine Securities and Exchange Commission has warned the public against using ten offshore crypto exchanges that do not hold approval to operate in the country. The exchanges include OKX, Bybit, Kraken, KuCoin, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex. These platforms allegedly continue offering crypto-related services to local users without securing the necessary approval under the SEC’s updated compliance guidelines.
🚨 Philippine SEC Cracks Down on Crypto Giants
The Philippine Securities and Exchange Commission has flagged 10 major crypto exchanges—including OKX, KuCoin, and Kraken—for operating without proper registration. These platforms allegedly violated new digital asset regulations… pic.twitter.com/RFmbHvo80P
— Seven Crypto 🐋 (@SevenWinse) August 5, 2025
According to the SEC, these exchanges have no license or registration that permits them to provide crypto services in the country. Despite the enforcement of updated rules on July 5, they remain accessible to Filipino users. The SEC stated that these actions go against the country’s crypto asset service provider rules and expose users to serious financial risks. These include unauthorized solicitation of investments and promotion of trading services without local permission.
The Commission pointed out that the rules apply to any individual or business that promotes or enables access to digital asset platforms. This includes buying, selling, or offering intermediation services involving crypto assets. The SEC emphasized that the ten named platforms failed to comply with this requirement and continued operating in the country. The agency also noted that several other platforms remain active and target local investors without the required approval.
Philippines SEC Flags Platforms and Plans Enforcement Actions
The SEC stated that it would act accordingly towards the platforms mentioned in the advisory. This could comprise issuing cease and desist requests, asking the telecom regulators to block websites, as well as pursuing criminal complaints. The Commission will also collaborate with firms such as Google, Apple, and Meta to scrub the unregistered web-based platforms out of app stores and advertising networks.
Earlier, in April last year, the SEC worked with the National Telecommunications Commission to block local access to Binance. The action followed repeated warnings to the platform for failing to comply with local rules. As a result, Filipino users lost access to their funds stored on Binance. The SEC also sent requests to Google and Apple to take down Binance’s app from their respective marketplaces in the Philippines.
In its recent warning, the SEC reminded everyone that unauthorized trading of crypto-related services is a risk to the safety of investors. The advisory pointed out that unregulated exchanges are associated with money laundering and financing of terrorism. The Commission cautioned citizens that using these sites can result in huge losses and legal issues.
The SEC further clarified that the list of ten exchanges might not include all noncompliant platforms. It stated that other firms operating in the country without approval would also be held accountable. This includes those with ongoing local marketing efforts or promotional campaigns targeting Filipino users. The Commission urged individuals and businesses to verify if a platform has secured approval before using it.
Regional Crypto Oversight Tightens as Neighbors Follow Similar Paths
Several countries in Southeast Asia have increased their efforts to control unapproved crypto activities. In May, Thailand ordered the blocking of five platforms, which included Bybit and OKX. Authorities urged users to withdraw their money prior to the closure. Meanwhile, the regulator also launched a crypto sandbox that allows visitors to convert their digital assets into Thai baht for local use.
Thailand to introduce sandbox to let tourists pay seamlessly with crypto!
Paying for my pad thai with SOL and then rating the experience on @weRate_Official = heaven 🥰 pic.twitter.com/3JOFDywpIk— Brecht Van Craen | CEO weRate (@Craenbridge) July 28, 2025
Indonesia has also moved to enhance its crypto monitoring. The nation started imposing higher taxes on trades using crypto with a foreign platform. Domestic exchanges are subject to a rate of 0.21% on correspondent transactions and 1% on offshore exchanges.
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