The Philippine Securities and Exchange Commission (SEC) has issued an alert identifying 10 crypto exchange platforms — including OKX, Bybit, KuCoin, and Kraken — for operating without proper regulatory authorization under new digital asset rules that have begun to be enforced in the country.
Published on Monday, the notice emphasized these platforms have been actively offering cryptocurrency-related services to Filipino users despite not having obtained the mandatory registration under SEC Memorandum Circulars No. 4 and No. 5, which officially took effect on Tuesday.
The SEC warned that its notice may not cover all entities that are in violation of the regulations, and stressed that any unregistered platform offering crypto services in the Philippines is in breach of securities laws and could face enforcement action.