The Philippines’ Securities and Exchange Commission (SEC) has issued a new investor alert, warning the public against using 10 unregistered cryptocurrency platforms that are actively operating in the country without proper licenses.
In an advisory released on August 1, the SEC named Kraken, OKX, KuCoin, Bybit, Poloniex, Bitmart, and 4 other platforms as unauthorized entities targeting Filipino investors. Many of these platforms maintain local marketing efforts despite lacking approval from regulators.
Under the SEC’s Crypto Asset Service Provider (CASP) Rules and Guidelines, all cryptocurrency platforms must register with the commission before offering services in the Philippines. However, the SEC confirmed that the listed platforms have no license, registration, or authorization to operate or solicit investments from the public.
See also: 70 words every crypto and NFT trader should know
The SEC also raised concerns about money laundering and terrorist financing, stating that unauthorized platforms create serious vulnerabilities in the country’s financial system. Without proper anti-money laundering controls, these services could undermine the Philippines’ compliance with international security standards.
The commission warned that the list is not exhaustive, meaning other unregistered platforms may also face enforcement actions. Possible measures include cease-and-desist orders, website blocking, criminal complaints, and takedown requests submitted to tech giants like Google and Meta.
Investors were advised to verify a platform’s registration status with the SEC before engaging in any transactions. The full advisory can be accessed on the SEC’s official website.