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3w ago

Philippines SEC Begins Blocking Access to Ten Unlicensed Crypto Exchanges

The move follows a public advisory that listed Bybit, OKX and others for failing to register under rules that took effect July 5

Philippines sec cracks down on unregistered crypto exchanges as new rules kick in
The Philippines - SEC cracks down on OKX, Bybit, Kraken citing 'national security'
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Overview

  • On August 4, the Securities and Exchange Commission named ten international platforms—including OKX, Bybit, MEXC, KuCoin, Bitget, Phemex, CoinEx, BitMart, Poloniex and Kraken—for operating without proper registration
  • Under Memorandum Circulars No. 4 and No. 5, effective July 5, crypto-asset service providers must register as domestic corporations, maintain local offices, meet minimum capital thresholds and implement anti–money laundering safeguards
  • The SEC warned that unregistered exchanges expose Filipino investors to risks such as total loss of funds, fraud, market manipulation, identity theft and potential money laundering or terrorist financing
  • Enforcement measures may include cease-and-desist orders, criminal complaints and collaboration with technology platforms like Google, Apple, Meta and TikTok to remove unauthorized apps and promotions
  • Local internet service providers such as PLDT have begun displaying block pages when users attempt to access the flagged exchanges, marking the first phase of active enforcement