Philippine SEC Flags 10 Unlicensed Crypto Exchanges; Globe and PLDT Block Access

The Philippine Securities and Exchange Commission (SEC) has flagged 10 cryptocurrency exchanges for operating without proper authorization in the country. In an advisory issued on August 1, the SEC listed OKX, Bybit, MEXC, KuCoin, Bitget, Phemex, CoinEx, Bitmart, Poloniex, and Kraken as platforms lacking the required license or registration to legally offer services or solicit investments from the public in the Philippines. The action comes shortly after the SEC’s earlier move to geo-block access to Binance’s website.

"These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public," the SEC stated, warning that these exchanges are operating illegally and may lack sufficient anti-money laundering (AML) controls.

The SEC also emphasized that unregistered platforms typically operate without oversight from Philippine regulators, exposing users to potential fraud, scams, and other financial risks.

ISPs Begin Blocking Access to Flagged Exchanges

According to BitPinas, a Philippine-based crypto news outlet, local internet service providers (ISPs) have begun restricting access to these unregistered platforms following the SEC’s warning. This was confirmed by BitPinas through Dvcode founder Eli Rabadon, who provided screenshots showing that the websites were inaccessible on Smart's network, which uses the same infrastructure as PLDT. On August 7, Globe Telecom joined PLDT in blocking user access to the flagged exchanges, in line with the SEC's enforcement of the new Crypto Asset Service Provider (CASP) regulations.

Philippines Enforces New Crypto Rules to Protect Investors

Effective June 12, 2025, the Philippine Securities and Exchange Commission (SEC) began enforcing Memorandum Circulars No. 4 and 5 to regulate crypto asset service providers (CASPs) and strengthen investor protection.

Issued on May 30, the rules require CASPs to register with the SEC, maintain a minimum capital of ₱100 million, and set up a physical office in the Philippines. They must also comply with strict anti-money laundering (AML) measures.

The new framework aims to ensure transparency, stability, and accountability in the country’s growing crypto sector.

Philippine Government Adopts Polygon Blockchain to Store Official Records

On July 30, the Department of Budget and Management (DBM) introduced a new blockchain-powered system designed to enhance transparency by making important budget documents available to the public. The system uses the Polygon blockchain to store cryptographic hashes, enabling users to verify the authenticity of records such as Special Allotment Release Orders and Notices of Cash Allocation.