[Philippine SEC Accuses LBank and Four Other Crypto Exchanges of Operating Without Registration] The Philippine Securities and Exchange Commission (SEC PH) announced that five cryptocurrency trading platforms—Blofin, CoinW, DigiFinex, LBank, and Pionex—have been providing crypto services to Philippine users without proper registration or licensing. SEC PH pointed out that these platforms allow users to register accounts using Philippine mobile numbers and support peso payment functions. However, none of these platforms have registered as Crypto Asset Service Providers (CASPs) in accordance with SEC Memorandum Series 2025 No. 4 and No. 5. The SEC emphasized that this conduct violates the Philippines' latest cryptocurrency regulatory framework.