Philippines SEC Warns 10 Unregistered Crypto Exchanges Including OKX and Bybit

The Philippines Securities and Exchange Commission (SEC) has issued a public advisory naming ten cryptocurrency exchanges—OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex—for operating without the required authorization under the country’s new regulatory framework [1]. These platforms have continued to offer and promote services to Philippine users despite not being registered under SEC Memorandum Circulars No. 4 and No. 5, which took effect on Tuesday, July 16, 2025 [1]. The SEC emphasized that these exchanges have no license, registration, or authorization to operate in the country and warned that their activities pose significant risks to investors [1].

The advisory noted that these platforms remain accessible in the Philippines and maintain an active local marketing presence, indicating a deliberate effort to attract Filipino users [1]. The regulator also warned that the list of unregistered exchanges is not exhaustive, and other platforms operating without proper authorization are also in violation of Philippine securities laws [1]. The rules apply to any entity or individual offering, promoting, or facilitating access to crypto-asset trading services, including derivatives [1]. The SEC has stated it will pursue legal action, including cease-and-desist orders and criminal complaints, against these platforms [1].

In line with these measures, the SEC has taken steps to collaborate with major tech platforms such as Google, Apple, and Meta to restrict unauthorized marketing and distribution of unregistered crypto services [1]. Last year, it had already directed Google and Apple to remove Binance’s app from their app stores for users in the Philippines, citing concerns over investor protection [1]. The regulator has not yet received responses from the named exchanges or the SEC, according to Cointelegraph [1].

The crackdown reflects a broader regulatory tightening across Southeast Asia. Both Thailand and Indonesia have introduced stricter rules targeting offshore exchanges operating without local licenses [1]. Thailand’s SEC recently ordered the blocking of five exchanges, including Bybit and OKX, while Indonesia has imposed higher tax rates on offshore crypto transactions [1]. These coordinated efforts signal a growing regional focus on enhancing investor protection and reducing the risks associated with unregulated digital asset markets [1].

The Philippines’ regulatory environment has seen significant developments in recent months, including its removal from the Financial Action Task Force (FATF) grey list, a step that highlights the country’s progress in financial crime prevention and regulatory compliance [4]. The SEC has made it clear that unregistered platforms not only violate AML and KYC requirements but also undermine the integrity of the national financial system [3]. The commission has used social media and public advisories to raise awareness among investors, urging them to avoid transacting with the flagged platforms to prevent potential financial loss and fraud [5].

As enforcement actions continue, major global exchanges now face the risk of losing access to the Philippines if they fail to meet local regulatory standards [4]. This could include the removal of their apps from local app stores, significantly limiting their user base in the country [1]. The broader implications for the global crypto industry suggest a growing trend toward regulatory alignment, particularly in emerging markets where digital asset adoption is expanding rapidly [2]. The Philippine SEC’s actions demonstrate a firm commitment to ensuring that the crypto sector operates within a transparent and secure regulatory framework, protecting both investors and the broader financial system [2].

Source:

[1] https://cointelegraph.com/news/philippines-sec-warns-okx-bybit-kucoin-kraken-unregistered?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

[2] https://www.bloomberg.com/news/articles/regulatory-pressures-grow-for-crypto-platforms-in-emerging-markets

[3] https://www.pesoblog.com/philippines-sec-warns-major-crypto-exchanges-operating-illegally

[4] https://www.philstar.com/business/2025/07/20/2205126/philippines-removed-fatf-grey-list-boosts-regulatory-credibility

[5] https://www.rappler.com/business/philippines-sec-warns-crypto-investors-avoid-unregistered-platforms

[6] https://www.pesoblog.com/sec-issues-social-media-advisory-on-crypto-exchanges