‍August 4, 2025 – The Philippine Securities and Exchange Commission (SEC) has issued an official advisory warning the public against engaging with ten cryptocurrency platforms that are not registered to operate in the country. The advisory, published on the SEC’s website in August 2025, lists the following exchanges: OKX, Bybit, MEXC, KuCoin, Bitget, Phemex, CoinEx, BitMart, Poloniex, and Kraken.

According to the SEC, these platforms have not secured the necessary licenses to offer securities or investment products in the Philippines, in accordance with the Securities Regulation Code. The commission cautions the public that using unregistered platforms poses significant risks, including the potential loss of funds without legal recourse.

The advisory also states that the SEC may coordinate with the National Telecommunications Commission (NTC) and other government agencies to block access to the websites and mobile applications of the named entities. This enforcement pathway mirrors the approach taken in 2023, when Binance was removed from public access following a formal SEC advisory and NTC action.

The SEC emphasized that any entity offering investment opportunities or acting as a broker-dealer in the Philippines must be registered and fully compliant with domestic regulations. Individuals who promote, solicit, or recruit for these platforms—whether online or offline—may be held legally liable under the law.

In the same advisory, the SEC raised concerns that unregistered crypto platforms may be exploited for money laundering and terrorist financing, operating without effective Anti-Money Laundering (AML) systems and outside the scope of Philippine regulatory oversight. It warned that continued public access to such platforms could expose the country to reputational and financial risk, including the possibility of international gray-listing by the Financial Action Task Force (FATF).

The SEC outlined possible enforcement actions such as the issuance of cease and desist orders, blocking of access to websites and mobile apps, filing of criminal complaints, and coordinating with global tech platforms like Google, Apple, Meta, and TikTok to remove unauthorized marketing content.

In its guidance, the commission advised the public not to invest or trade using platforms that are not registered with the SEC, and to be wary of promotional campaigns on social media and mobile apps targeting Filipino users. Reports of unauthorized marketing or selling of crypto assets may be filed through official SEC channels.

This advisory marks one of the SEC’s most direct and expansive warnings to date regarding foreign crypto exchanges operating in the country without registration. Filipino crypto users, content creators, and promoters are strongly encouraged to verify platform registration status and align with local financial regulations.

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