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Philippines SEC Flags Ten Global Crypto Exchanges for Operating Without Registration

The move signals the SEC’s shift to rigorous oversight of offshore platforms under its inaugural CASP framework.

The Philippines - SEC cracks down on OKX, Bybit, Kraken citing 'national security'
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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.