BlockBeats news, on August 6, according to Decrypt, the Philippine Securities and Exchange Commission (SEC) took action today to cut off access to ten offshore cryptocurrency trading platforms through major internet service providers. These platforms include OKX, MEXC, Bybit, KuCoin, Bitget, Kraken, CoinEx, Phemex, BitMart, and Poloniex.
Previously, Philippine regulators warned that crypto platforms providing services to residents without the necessary licenses and registrations are violating local regulations. According to the new regulation that took effect in June this year, crypto asset service providers must register as local companies in the Philippines and maintain a minimum paid-up capital of at least $180 million.
