The Philippine SEC Warns Off 10 Crypto Exchanges

On August 5, 2025, the Philippine SEC issued a warning against ten offshore cryptocurrency exchanges, including OKX and KuCoin, for unauthorized operations violating local compliance regulations.

This enforcement reflects tightened regulatory scrutiny in the Philippines, impacting user access and potentially influencing market engagement amid adherence to new compliance standards.

SEC Identifies 10 Unlicensed Crypto Platforms, Including OKX

The Philippine SEC has named major platforms, including OKX and KuCoin, among others, for operating without proper authorization. Noteworthy is the recent enforcement of Memorandum Circulars No. 4 and 5. The warning aligns with earlier actions against other platforms like Binance.

The unlicensed operations signal potential tightening of regulatory frameworks in the region. The exchanges must adopt stringent compliance measures to continue their services in the Philippines.

As of now, there are few public reactions from the named exchanges or their executives. While the CEOs of these platforms have not formally addressed the SEC’s notice, there are ongoing discussions in community forums about the future of crypto access for locals.

Regulatory Tightening and Potential Market Impact in the Philippines

Did you know? The Philippine SEC’s action against these exchanges follows a 2023 crypto market crackdown that led to the geo-blocking of Binance, highlighting a continued regulatory focus on crypto compliance.

CoinMarketCap data shows Bitcoin (BTC) priced at $114,401.48 with a market cap of $2.28 trillion and a market dominance of 60.78%. Trading volume stands at $54.23 billion, reflecting a 12.36% change. Over 90 days, BTC had an 18.64% price increase Source: CoinMarketCap.

The Coincu research team notes a potential escalation in regulatory scrutiny across Southeast Asia. History shows market resilience amid compliance challenges, yet tightening regulations may affect liquidity for unregistered platforms.