Catenaa, Sunday, August 10, 2025-The Philippine Securities and Exchange Commission issued a formal warning Monday against ten crypto exchanges, including OKX, Bybit, and Kraken, for operating without proper registration or authorization.
The regulator highlighted that these offshore platforms have been offering services to Filipino investors without complying with the SEC’s new Crypto Asset Service Provider (CASP) Rules, which took effect on July 5.
“These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public,” the SEC said, cautioning that such unauthorized operations expose Filipino investors to substantial risks.
The commission reiterated its commitment to enforcing regulatory compliance, pledging to take legal and regulatory measures against violators.
These actions may include cease and desist orders, blocking of websites and mobile apps, and filing criminal complaints.
This move echoes the SEC’s April 2024 decision to block Binance, citing unlicensed operations. The SEC, in coordination with the National Telecommunications Commission, restricted user access to Binance’s platform and app stores to curb unauthorized crypto activities.
Beyond the ten flagged exchanges, the SEC noted additional platforms remain accessible, conducting unauthorized marketing targeting Filipino residents.
The advisory further warned of potential national security threats linked to these unregulated platforms, including risks related to money laundering and terrorist financing. The SEC urged the public to exercise caution and only engage with registered crypto service providers.
