The Philippines Securities and Exchange Commission (SEC) has issued a public advisory naming 10 major cryptocurrency exchanges that operate without the necessary authorization under the country’s updated digital asset regulations. The list by the Philippines n SEC includes OKX, Bybit, KuCoin, and Kraken.
The Philippines SEC noted that these exchanges have been offering and promoting crypto related services to Filipino users despite lacking registration or a license.
A license is required under SEC Memorandum Circulars No. 4 and No. 5, to offer crypto related services.
“These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public,” the commission warned.
“Their actions are unauthorized and expose Filipino investors to significant risk.”
Other platforms cited in the advisory include MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex.
The SEC emphasized that most of these exchanges remain accessible in the Philippines and actively market their services to local users.
Philippines SEC Warns of Potential Enforcement and App Store Bans
The regulatory agency underscored that the list of flagged platforms may not be exhaustive.
They added that any person or entity offering, promoting, or facilitating crypto-asset trading and intermediary services, such as buying, selling, or derivatives trading without proper registration is considered in violation of Philippine securities laws.
The SEC said it plans to take legal and regulatory action against violators.
The action includes issuing cease and desists orders, filing criminal complaints, and seeking cooperation from tech giants such as Google, Apple, and Meta to restrict the availability and promotion of unauthorized platforms.
This approach mirrors the SEC’s previous action in 2023; when it asked Google and Apple to delist Binance’s mobile app from their respective app stores in the Philippines, citing investor protection concerns.
Regional Trend: Southeast Asia Tightens Oversight of Offshore Crypto Platforms
The Philippines joins other Southeast Asian nations in tightening oversight of offshore crypto exchanges.
In May 2025, Thailand’s SEC ordered the blocking of five unlicensed platforms, including Bybit and OKX. They urged investors to withdraw their assets before enforcement measures took effect.
Indonesia has also ramped up its regulation of the crypto sector, particularly foreign platforms.
The country recently raised taxes on digital asset transactions, hiking rates for offshore exchange trades from 0.2% to 1%.
Industry Silent on Philippines SEC Advisory
None of the named exchanges (OKX, Bybit, KuCoin, Kraken, or MEXC) have yet publicly responded to the Philippines SEC’s advisory.
The SEC’s recent moves reflect an intensifying effort to assert regulatory control over the fast-growing crypto market.
It also shows interest in safeguarding local investors from unregulated platforms.
The Philippines however has a very blockchain friendly approach. Last week, the Government announced they would record their spending on the Polygon blockchain.
