Philippine SEC Warns 10 Unregistered Crypto Exchanges Over Non-Compliance

The Philippine Securities and Exchange Commission (SEC) has issued a public warning against ten unregistered cryptocurrency exchanges, including OKX, Bybit, Kraken, Mexc, KuCoin, Bitget, Phemex, Coinex, Bitmart, and Poloniex, for operating without the necessary licenses required under the country’s SEC Circulars and Guidelines (CASP), which took effect on July 5, 2025 [1]. The regulator emphasized that these platforms are not registered or authorized to solicit investments from the public in the Philippines, leaving investors exposed to significant financial and legal risks [2]. The SEC warned that unregistered exchanges often fail to comply with anti-money laundering (AML) and investor protection standards, and their activities could contribute to money laundering and terrorist financing [3].

The enforcement action follows a similar move in April 2024, when the SEC blocked access to Binance, another unregistered platform, through cooperation with the National Telecommunications Commission (NTC). This action prevented local users from accessing the exchange and withdrawing funds [4]. The SEC reiterated that it would continue to take legal and regulatory measures against non-compliant platforms, including issuing cease-and-desist orders, blocking website access, and pursuing criminal complaints [5]. The regulator also noted that several other unregistered platforms remain active and are engaging in unauthorized marketing activities targeting Filipino users [6].

The ten flagged exchanges are among the largest and most globally recognized in the crypto industry, yet they have chosen not to register under the Philippine regulatory framework. This highlights a broader trend where global crypto operators seek to expand their user base without adhering to local compliance standards [7]. The SEC’s actions signal a growing regulatory crackdown in the country, as authorities aim to strengthen oversight of digital assets and ensure that only licensed platforms operate within the jurisdiction [8].

Investors are being advised to exercise caution and only use exchanges that have received official authorization from the SEC. The regulator has also encouraged the public to report any suspicious activities related to unauthorized crypto platforms, reinforcing the importance of community vigilance in protecting financial integrity [9]. While the SEC has not confirmed specific legal actions yet, it has made it clear that continued non-compliance will not be tolerated, and further enforcement measures are on the table [10].

The move reflects a global shift in crypto regulation, with more governments imposing stricter compliance requirements on digital asset platforms. In this context, the SEC’s stance highlights the necessity for crypto firms to align their operations with local legal frameworks, especially in markets where investor protection laws are being actively enforced [11].

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] Philippine SEC Flags Ten Crypto Exchanges Over Non-

https://cryptonews.com/news/philippine-sec-flags-ten-unregistered-crypto-exchanges-over-non-compliance/

[3] SEC Flags 10 Unregistered Crypto Exchanges, Eyes

https://bitpinas.com/regulation/sec-flags-10/

[4] Philippines SEC Names Ten Crypto Exchanges for

https://www.panewslab.com/en/articles/2de9a35a-045e-4e2f-85a5-f6414fbc0d6b

[5] SEC Targets 10 Crypto Exchanges in the Philippines

https://coinpedia.org/news/sec-targets-10-crypto-exchanges-in-the-philippines/

[6] The Securities and Exchange Commission's Enforcement

https://www.facebook.com/BilyonaryoPh/posts/the-securities-and-exchange-commissions-enforcement-and-investor-protection-depa/1082771444058302/

[7] Coins.ph Kickstarts Nationwide On-Ground Activations

https://bitpinas.com/business/coins-ph-nationwide/

[8] SEC warns Filipinos against 10 unregistered crypto platforms

https://www.noypigeeks.com/government/sec-unregistered-crypto-platforms-advisory/

[9] Philippines

https://news.google.com/?ceid=PH:en&gl=PH&hl=en-PH&num=3&topic=h