Philippines SEC Flags 10 Major Crypto Exchanges for Operating Without License

The Philippines Securities and Exchange Commission has issued warnings against ten major 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.

The 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.

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.

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.