The Philippine securities regulator warns investors about foreign cryptocurrency exchanges that are unregistered and operating in the country.
The Philippines Securities Commission (SEC) clarifies that many cryptocurrency exchanges are violating regulations while being unlicensed, affecting transparency and user protection.
MAIN CONTENT
The SEC Philippines issues warnings about 10 unregistered cryptocurrency exchanges violating local regulations.
The list of violating exchanges includes many well-known international platforms still operating and marketing in the Philippines.
The SEC emphasizes that the list is incomplete, warning the public to be cautious with platforms that are not authorized.
Which cryptocurrency exchanges are violating regulations in the Philippines?
The SEC Philippines confirms that 10 notable unregistered exchanges include OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex, and Kraken.
These exchanges have not been licensed under Circulars 4 and 5, effective from July 2025, but continue to operate and market services to local residents. Non-compliance with registration procedures affects transaction transparency and legal safety for domestic cryptocurrency users.
How does the SEC Philippines evaluate the operational situation of these exchanges?
The SEC emphasizes that the aforementioned platforms operating without registration are violating the national securities law, while also warning that the list may not be complete.
The SEC's statement indicates that many other similar service-providing exchanges that are unregistered may face action. This aims to prevent financial risks and protect users from non-transparent exchanges.
The continued operation of unlicensed cryptocurrency exchanges in our country poses many risks of fraud and safety for investors.
Mr. Ramón Castillo, Vice Chairman of the Philippines Securities Commission, August 2025
Why is registering operations with the SEC important for cryptocurrency exchanges?
Registering with the SEC helps ensure exchanges comply with regulations on transparency, financial safety, and investor protection under Philippine law.
This creates a healthy trading environment, limiting fraudulent activities, money laundering, and reducing the inherent volatility risks of the cryptocurrency market.
What measures has the SEC taken to limit unregistered exchanges from accessing users?
Previously, the SEC Philippines applied geo-blocking against Binance and warned that many other exchanges still easily access local residents.
The SEC continues to enhance supervision, coordinating with internet service providers to prevent illegal marketing and trading activities to protect the domestic cryptocurrency market.
Frequently Asked Questions
Which cryptocurrency exchange is currently being warned by the SEC Philippines?
The SEC warns that 10 exchanges like OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex, and Kraken are unregistered and violating regulations.
Why do exchanges need to register with the SEC when operating in the Philippines?
Registration ensures compliance with the law, increases transparency, protects investor rights, and reduces fraud risks.
What measures has the SEC taken to restrict unregistered exchanges?
The SEC has implemented geo-blocking on some exchanges like Binance while continuing to monitor and warn other exchanges.
Can the list of unregistered exchanges change?
The SEC stated that the list is incomplete and will be updated upon discovering more non-compliant exchanges.
Source: https://tintucbitcoin.com/10-san-crypto-philippines-bi-sec-phat/
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