Philippine SEC Names 10 Unlicensed Crypto Exchanges for Crackdown

The Philippine Securities and Exchange Commission (SEC) has identified ten cryptocurrency exchanges for operating in violation of the country’s digital asset regulations. These platforms—among them OKX, KuCoin, and Kraken—are currently offering crypto services without the required local registration, which became mandatory under the Philippine Virtual Currency Framework by July 2025 [1]. The SEC’s announcement, issued on August 1, 2025, warns investors of the risks associated with using these unlicensed platforms and signals a tightening regulatory environment [2].

According to Emilio B. Aquino, Chairperson of the Philippine SEC, the exchanges operate without licenses, registrations, or authorizations, and their activities pose significant threats to investors. The SEC is exploring potential legal actions and has issued cease-and-desist orders to these platforms. Additionally, it is working with major technology companies such as Google, Apple, and Meta to restrict their marketing efforts within the country [3]. This marks a significant step in the Philippine government’s broader strategy to bring greater accountability to the crypto sector.

The identified exchanges serve a large user base in the Philippines, where digital assets like Bitcoin and Ethereum are widely traded. The SEC’s move aims to protect retail investors by limiting access to unregulated platforms until compliance is achieved. While no public reports of asset freezes or account restrictions have been announced, the regulatory pressure reflects the country’s commitment to aligning its financial system with global compliance standards [4].

Industry responses remain muted, with no notable statements from exchange representatives or influencers addressing the regulatory developments. This silence suggests uncertainty within the sector regarding the long-term implications of the SEC’s actions. Historically, similar regulatory crackdowns have led to short-term market fragmentation but not widespread asset seizures. However, the current enforcement could influence future regulatory approaches in Southeast Asia and beyond [5].

The SEC has not yet confirmed further enforcement measures, but the public naming of the exchanges is a clear warning to the industry. The Commission’s focus is now on ensuring that all digital asset service providers in the country adhere to local laws. Investors are advised to transact only through licensed platforms to ensure legal protection and regulatory compliance [1].

The actions taken by the Philippine SEC align with an increasing global trend of regulatory oversight in the cryptocurrency space. As jurisdictions across Asia and elsewhere continue to refine their legal frameworks, the Philippines’ approach offers a model of proactive enforcement that may encourage other markets to adopt similar standards [2].

Source: [1] Philippine SEC Flags 10 Crypto Exchanges Defying New ... (https://news.bitcoin.com/philippine-sec-flags-10-crypto-exchanges-defying-new-digital-asset-regulation/)

[2] Philippines SEC identifies ten crypto platforms operating ... (https://www.mitrade.com/au/insights/news/live-news/article-3-1013011-20250805)

[3] SEC Flags 10 Unregistered Crypto Exchanges, Eyes ... (https://bitpinas.com/regulation/sec-flags-10/)

[4] SEC Targets 10 Crypto Exchanges in the Philippines (https://coinpedia.org/news/sec-targets-10-crypto-exchanges-in-the-philippines/)

[5] Stop Using These Unregistered Crypto Exchanges (https://www.techpatrl.com/unregistered-crypto-exchanges/)