The Philippines Securities and Exchange Commission (SEC) has sounded the alarm on ten major crypto exchanges, including big names like OKX, Kraken, and Bybit, for offering services in the country without proper authorization under newly enforced regulations.
The advisory, issued Monday, follows the rollout of SEC Memorandum Circulars No. 4 and 5, which require crypto platforms to register before operating locally. According to the SEC, these companies failed to comply and continue to market to Filipinos, posing “serious risks” to users.
Also included in the list are MEXC, KuCoin, Bitget, BitMart, Poloniex, Phemex, and CoinEx — most of which remain accessible in the Philippines and actively target the local market.
Wider Crackdown Underway
Officials say the list isn’t exhaustive and warned that any platform facilitating crypto trading or investment without registration could face regulatory action. Penalties may include cease-and-desist orders, criminal complaints, and coordination with tech giants like Apple, Google, and Meta to restrict access.
The regulator previously requested that app stores block Binance in a similar move to limit exposure to unlicensed entities.
Regional Enforcement Picks Up Pace
Across Southeast Asia, regulators are cracking down on offshore platforms. Thailand’s SEC blocked several unregistered exchanges earlier this year, while Indonesia hiked crypto taxes, especially for foreign services.
As global oversight tightens, the Philippines is making it clear: crypto firms must play by the rules — or stay out.
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Source: https://coindoo.com/philippines-sec-targets-major-crypto-exchanges-in-regulatory-crackdown/