Binance News Desk – August 2025

In a sweeping regulatory move, the Philippines Securities and Exchange Commission (SEC) has issued public advisories and cease-and-desist orders against several major global crypto exchanges, including OKX, Bybit, KuCoin, and MEXC, for operating without proper registration in the country.

The crackdown is part of the SEC’s intensified efforts to protect Filipino investors and ensure that all virtual asset service providers (VASPs) operating in the country comply with local securities laws.

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🚨 The SEC’s Official Stand

According to the SEC’s statement, these platforms were found to be offering investment products and services to residents of the Philippines without securing the necessary licenses under the Securities Regulation Code (SRC).

> "Entities found soliciting investments from the public without the proper licenses will face enforcement action," the SEC noted, citing the risk posed to retail investors by unregulated platforms.

The SEC emphasized that advertising and marketing to Filipinos online, even without physical presence, still qualifies as operating in the country and requires registration.

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🛑 Exchanges Under Scrutiny

The following exchanges have been formally flagged or warned:

OKX

Bybit

KuCoin

MEXC

Bitget

BitMart

These platforms have been accused of soliciting investments, offering staking, futures trading, and other crypto-related financial products without having a registered entity within the Philippines or securing a VASP license.

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⚖️ What This Means for Filipino Traders

The SEC has urged Filipino investors to immediately cease using these platforms and withdraw any funds held in these exchanges. Additionally, they warned that those who continue to promote these services may also face legal penalties under Philippine law.

This comes at a time when the Philippines is experiencing a crypto adoption boom, particularly among young investors and overseas Filipino workers (OFWs), many of whom rely on crypto for remittances and financial inclusion.

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🏛️ The Bigger Picture: Regulation Rising

The move aligns with global regulatory trends, as more nations enforce stricter crypto oversight to prevent scams, safeguard investor interests, and create a compliant digital asset environment.

The Philippines has been steadily developing its Digital Asset Exchange Framework, and officials say they’re working on clearer guidelines for centralized and decentralized platforms in the months ahead.

> “We welcome innovation—but only when it plays by the rules,” a high-ranking SEC official said.

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🔍 Binance’s Commitment to Compliance

At Binance, we continue to prioritize regulatory compliance and work closely with regulators across the globe. In the Philippines and beyond, our goal is to ensure that users can access secure, transparent, and legally compliant crypto services.

We support initiatives that protect users and strengthen the credibility of the global crypto ecosystem.

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