
Philippines SEC Issues Alerts To OKX, Bybit, Kraken For Non-Adherence
The Securities and Trading platform Commission (SEC) of the Philippines has released an advisory highlighting 10 prominent international digital currency exchanges for operating in the country without the required licenses.
Notable exchanges such as OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex have been identified.
In a advisory dated August 4, 2025, the SEC stated, “These platforms lack the necessary license, registration, or authorization from the SEC to operate in the Philippines or to solicit public investments.”
After Binance… PH SEC
flags these CEXes and wants people to use local CEXes (which are super slow and have exorbitant fees) clowns
src: https://t.co/ifY3rjW39X pic.twitter.com/OYP94A10Kn
— JANNABI
(@JANNABI_L3gend) August 5, 2025
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“The list of ten exchanges is not exhaustive,” states the Philippines SEC
The SEC emphasized that the regulations are meant to apply broadly to anyone who “offers, promotes, or facilitates access to crypto-asset trading venues or intermediation services.”
As per the SEC, their ongoing operations pose significant risks to local users, as they operate outside the established legal safeguards meant to protect investors. The regulator has been alerted to potential enforcement actions, which may involve cease and desist orders and criminal charges.
“Their operations are unauthorized and pose substantial risks to Filipino investors, including the complete loss of funds, lack of legal recourse, vulnerability to fraud, market manipulation, and identity theft,” the SEC noted.
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The Most Immediate Concern for Users is the Potential Rekt of Access to Platforms
SEC in the Philippines flexing on crypto like it’s a gym membership! Unregistered exchanges getting the boot? LOL, good luck with that! #RegulationIsComing #CryptoChaos
This announcement is negative.
— PM Cypher (@pm_cypher) August 5, 2025
The Philippines SEC announced it will collaborate with Google, Apple, and Meta to limit the promotional activities of these unauthorized exchanges. The authorities may also block their applications. Furthermore, users might be provided a limited timeframe to withdraw their funds. This initiative has garnered considerable backlash from crypto investors, with many expressing their disapproval on X. “This news is negative,” one user asserted.
In a parallel effort last year, the SEC successfully urged Google and Apple to eliminate the Binance App from their regional app stores, citing concerns for investor security.
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Key Takeaways
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Key exchanges such as OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex appear on the Philippines SEC’s list for operating without the required licenses.
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As of now, these exchanges are still available to users in the Philippines and continue to actively crypto market locally. However, the SEC’s public advisory acts as a final notice.
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