- OKX, Bybit, KuCoin, and Kraken are among the platforms cited for unauthorized operations
- New regulations under SEC Memorandums No.4 and No.5 took effect on July 5.
- Exchanges maintain Philippines accessibility despite lacking the required permits.
The Philippines Securities and Exchange Commission has issued warnings against ten major cryptocurrency exchanges operating without proper authorization under new regulatory frameworks. Platforms including OKX, Bybit, KuCoin, and Kraken are included in the release, as they still serve Filipino users despite the lack of necessary registrations.
SEC Memorandum Circulars No. 4 and No. 5, which became effective on July 5, establish mandatory licensing requirements for crypto service providers targeting the Philippine markets. The regulatory body stated these platforms lack the necessary permissions to operate domestically or solicit public investments within the country.
Additional Exchanges Face Regulatory Scrutiny
The complete list of flagged platforms includes MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex, alongside the previously mentioned exchanges. According to SEC findings, most platforms maintain active marketing campaigns directed at Philippine users while remaining accessible through local internet connections.
The commission emphasized that additional unlicensed platforms likely exist beyond those specifically named in the advisory. Any entity offering crypto trading venues, intermediation services, or facilitating asset transactions without proper approval violates Philippine securities legislation.
Regulatory requirements apply broadly to organizations providing buying, selling, or derivatives trading access for digital assets. The SEC warned that enforcement actions, including cease and desist orders and criminal complaints, would target non-compliant platforms.
Tech Platform Cooperation Sought for Enforcement
Philippine regulators plan to collaborate with technology companies, including Google, Apple, and Meta, to restrict unauthorized crypto marketing activities. This approach mirrors previous enforcement actions where the SEC directed app store removals for non-compliant platforms.
Last year’s Binance case established precedent when Philippine authorities requested Google and Apple remove the exchange’s applications from local app stores. The regulator mentioned investor protection concerns in letters sent to both companies.
Regional Trend Toward Stricter Crypto Oversight
Philippines joins other Southeast Asian nations in implementing enhanced crypto platform oversight in 2025. Similar regulatory regimes have been implemented in Thailand and Indonesia to target offshore exchanges that do not hold domestic licenses.
In an effort to combat money laundering, Thailand’s SEC ordered the banning of five cryptocurrency exchanges in May, including Bybit and OKX. Prior to enacting platform shutdowns, the organization recommended that investors take their money out.
Regional coordination on crypto regulation appears to be strengthening as multiple jurisdictions pursue similar enforcement approaches. These developments create pressure on international exchanges to obtain proper licensing before serving local markets.
Related: Bitget Is Now the World’s 3rd Largest Crypto Derivatives Exchange After Doubling Its Market Share
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