The Philippine Securities and Exchange Commission (SEC) has issued a warning against ten unregistered crypto entities and online platforms, including OKX, Bybit and Kraken.
The regulator, on Monday, highlighted non-compliance issues in offshore crypto exchanges, warning the public against engaging with them.
The ten crypto exchanges offered services to Filipinos without the required registration or authorization from the Commission, as mandated under SEC CASP Rules and Guidelines, which came into effect on 05 July 2025.
Source: Philippines SEC“These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public,” the SEC noted. “Their actions are unauthorized and expose Filipino investors to significant risk.”
Philippines SEC to Take Enforcement Action Against Violators, Similar to Binance
In April 2024, the financial regulator of the Philippines blocked local user access to Binance, citing concerns over the firm’s unlicensed operations in the country. The action left citizens unable to withdraw their funds.
The SEC terminated Binance’s website access and online trading platform after receiving the assistance of the National Telecommunication Commission (NTC).
Additionally, the regulator said at the time that blocking Binance from app stores like Google and Apple stores would help “prevent the further proliferation of its illegal activities in the country.”
On a similar note, the SEC said Monday that upon compliant, the Commission shall take legal and regulatory action against the ten violators. This includes issuance of cease and desist orders, blocking their websites and apps, and filing of criminal complaints, among others.
Besides the 10 crypto firms, the Philippine SEC flagged that several other platforms remain accessible and are conducting unauthorized marketing activities targeting Filipino residents.
The advisory also raised concerns regarding national security, warning that unauthorized crypto platforms pose high risks for money laundering and terrorist financing.
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