Overview
- On Aug. 4 the SEC advisory named OKX, Bybit, MEXC, KuCoin, Bitget, Phemex, CoinEx, BitMart, Poloniex and Kraken as operating without proper CASP registration.
- Under CASP rules effective July 5, crypto platforms must register as domestic firms with ₱100 million capital, maintain a local office and implement AML safeguards.
- Enforcement options include cease-and-desist orders, criminal complaints, blocking of websites and mobile apps and collaboration with tech firms for app-store removals.
- All ten unregistered exchanges remain accessible to Filipino users pending any further enforcement actions.
- The SEC warned that unauthorized platforms expose investors to fund loss, fraud, market manipulation, identity theft and potential money laundering risks with no legal recourse.