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3w ago

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.