The Philippines Securities and Exchange Commission (SEC) has issued a public warning against several major crypto exchanges—OKX, ByBit, Bitget, KuCoin, Mexc, and Kraken—for allegedly operating without proper registration and licensing in the country.
In an advisory dated August 4, the regulatory body cautioned Filipino investors about using these platforms, stating they are accessible locally despite lacking the necessary approvals. Some, the SEC noted, are actively marketing their services to Philippine residents in violation of local laws.
The notice follows the rollout of the country’s crypto regulatory framework, which came into effect on July 5. The rules mandate that crypto firms obtain official authorization before offering digital asset services. These requirements include anti-money laundering protocols, customer due diligence, and the ability to report suspicious transactions.
The SEC emphasized that unlicensed operations could expose users to heightened risks, including fraud, lack of recourse, and potential loss of funds. It also stated that other unnamed exchanges are similarly under review.
This is not the first time the Philippine SEC has taken a strong stance on unauthorized crypto services. In March 2024, the agency blocked access to Binance for failing to secure the appropriate license. Binance remains unlicensed in the Philippines as of this report.
Bitget responded to the advisory, with Chief Legal Officer Hon Ng telling CoinDesk that the exchange is “assessing the details” and remains committed to securing proper licenses in jurisdictions where it operates. OKX declined to comment, while ByBit, KuCoin, Mexc, and Kraken did not respond to inquiries.
The latest warning reflects the SEC’s tightening oversight of the digital asset sector as it works to formalize the industry’s regulatory landscape. Authorities aim to strike a balance between innovation and investor protection as crypto adoption grows in the Philippines, one of Southeast Asia’s most active digital asset markets.
 has issued a public warning against several major crypto exchanges—OKX){kind=link}