Philippines SEC Cracks Down: OKX, Bybit, Kraken Face Non-Compliance Warnings

Regulators draw a hard line—three major crypto platforms risk losing access to the Philippine market.

No more free rides. The Philippines Securities and Exchange Commission (SEC) just slapped OKX, Bybit, and Kraken with formal warnings for operating sans licenses. Ignore the rules? Prepare for the boot.

Why it matters: Southeast Asia’s crypto gold rush isn’t a lawless frontier—at least not officially. The SEC’s move signals tightening oversight as retail trading volumes surge.

The irony? Traditional finance still can’t decide if crypto is a scam or its next revenue stream. Meanwhile, exchanges play regulatory whack-a-mole while banking giants quietly build custody solutions.

src: https://t.co/ifY3rjW39X pic.twitter.com/OYP94A10Kn

— JANNABI(@JANNABI_L3gend) August 5, 2025

“List of ten exchanges is not exhaustive,” Says Phillippines SEC

The SEC also insisted that the rules are designed to apply broadly to anyone who “offers, promotes, or facilitates access to crypto-asset trading venues or intermediation services.”

According to the SEC, their continued operation exposes local users to considerable risks, as they function outside the legal framework established to safeguard investors. The regulator was warned of impending enforcement actions. The action can include cease and desist orders, and criminal complaints. 

“Their actions are unauthorized and expose Filipino investors to significant risk, including total loss of funds, no legal recourse, exposure to fraud, market manipulation, and identity theft,” the SEC said. 

Most Immediate Concern for Users is Possibility of Losing 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 news is negative.

— PM Cypher (@pm_cypher) August 5, 2025

The Philippines SEC said it will work with Google, Apple and Meta to curb the marketing activities of these unauthorized exchanges. The authorities can also potentially block their apps. There is also the possibility that users may be given a limited window to withdraw their funds. Therefore, the move has drawn significant criticism from crypto investors, with most lashing out on X. “This news is negative,” insisted a user.

In a similar move last year, the SEC successfully directed Google and Apple to remove the Binance App from their local app stores. The authorities cited investor protection concerns.

Key Takeaways

• Popular exchanges including OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart and Poloniex made the Philippines SEC list of exchanges operating in the country without necessary licenses. 

• For now, the exchanges remain accessible in the Philippines. Many continue to maintain an active local marketing presence. However, the SEC’s public advisory serves as a final warning.