Philippines SEC Cracks Down on Unregistered Crypto Exchanges as New Rules Kick In

The Philippines Securities and Exchange Commission (SEC) said it may take action against crypto exchanges including OKX, ByBit and Bitget for operating without appropriate registration and warned the public against using the platforms.

In a notice dated Aug. 4, the commission also named Mexc, Kucoin and Kraken as being accessible without being registered and, in some cases, actively marketing their services to residents. Other platforms it didn't identify are also active in the country, it said.

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The agency's rules for the crypto sector came into effect on July 5. The regulations require firms to have the necessary authorization before offering crypto asset services, including appropriate anti-money laundering systems, suspicious transaction reporting and customer due diligence.

In March last year, the agency blocked local access to Binance, the largest crypto exchange by volume for not having the necessary license. Binance does not yet have a license in the Philippines.

"Bitget acknowledges the Philippine SEC's advisory and is actively assessing the details," Hon Ng, the exchange's chief legal officer, told CoinDesk. Bitget is committed to getting licensed in markets where it operates, Ng said.

OKX declined to comment.

ByBit, Mexc, KuCoin and Kraken had not responded to an emailed request for comment by publication time.