The Securities and Exchange Commission (SEC) of the Philippines has issued a notice naming 10 major cryptocurrency exchanges, including OKX, Bybit, KuCoin, and Kraken, accusing them of operating without authorization under the country's new cryptocurrency regulations.
A warning released on Monday stated that these platforms continue to offer or promote cryptocurrency services to Philippine users without registering under SEC Memorandum Circulars No. 4 and No. 5, which took effect on Tuesday.
"These platforms have not obtained SEC's permission, registration, or authorization to operate in the Philippines or solicit investments from the public," the warning stated. "Their unauthorized actions pose significant risks to Philippine investors."
Other exchanges mentioned in the announcement include MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex. According to the SEC, these exchanges remain accessible in the country, with most still maintaining an active local marketing presence.
The SEC noted that the list may not include all violators, and other platforms providing similar services without proper registration or approval are also considered in violation of Philippine securities laws.
The warning stated that the rules apply to "any individual or entity that offers, promotes, or facilitates trading venues or intermediary services for crypto assets (such as buying, selling, and derivatives trading)."
The SEC warned that legal and regulatory actions would be taken against these platforms, including cease and desist orders and criminal complaints. The regulatory body also stated it would collaborate with tech platforms like Google, Apple, and Meta to restrict unauthorized marketing activities.
Last year, the Philippine SEC instructed Google and Apple to remove the Binance app due to investor protection concerns. The regulatory agency sent letters to both companies urging them to block access to the Binance app in the local market.
Cointelegraph reached out to the Philippine SEC and major exchanges OKX, Bybit, KuCoin, Kraken, and MEXC for comments but had not received a response by the time of publication.
The Philippines is not the only Southeast Asian country cracking down on unregistered cryptocurrency platforms. This year, Indonesia and Thailand have also introduced stricter rules targeting offshore exchanges that do not have local licenses.
In May, the Thai SEC ordered the blocking of five cryptocurrency exchanges, including Bybit and OKX, as part of efforts to combat illegal platforms and money laundering. The agency advised investors to withdraw their assets from these platforms before the shutdown.
Meanwhile, Indonesia has tightened its cryptocurrency tax policies, significantly increasing tax rates on foreign platforms. The income tax for domestic exchanges rose from 0.1% to 0.21%, while the trading tax for offshore platforms increased from 0.2% to 1%.
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Original: “Philippines SEC Takes Strong Action to Regulate Unregistered Cryptocurrency Exchanges”
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