Philippines SEC Declares War on Crypto Giants: OKX, Bybit, Kraken Face ’National Security’ Crackdown

Crypto exchanges in the crosshairs as Manila flexes regulatory muscle.

The Hammer Drops

The Philippine Securities and Exchange Commission just escalated its crypto crackdown—citing 'national security concerns' while targeting three major offshore platforms. No mercy for the unregistered.

Targets on Their Backs

OKX, Bybit, and Kraken now join Binance on Manila's blacklist. Local traders scramble as authorities block access to platforms handling billions. 'Comply or get out' seems to be the message.

Regulation or Protectionism?

Officials claim they're shielding citizens from 'risky' assets. Critics whisper about legacy finance lobbying—after all, nothing threatens old-money oligarchs like decentralized competition. The timing? Impeccable, as local banks report record low yields.

The Aftermath

P2P volumes spike as traders route around the ban. Another case study in how heavy-handed regulation fuels the very innovation it tries to suppress. The crypto hydra grows another head.

Key Takeaways

The Philippine SEC has cracked down on unregistered crypto platforms for servicing and marketing to Filipino users without approval. Legal actions and global tech collaborations are underway to block unauthorized access and protect investors.

The Philippine Securities and Exchange Commission (SEC) has sounded the alarm on ten crypto entities, including major players like OKX, Bybit, and Kraken, for operating in the Philippines without proper authorization from concerned authorities.

In a public advisory issued on 4 August, the regulator cautioned Filipino investors against engaging with these offshore platforms, citing their failure to comply with the newly enforced SEC CASP Rules and Guidelines that took effect on 5 July 2025.

The alert said, 

“These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public. Their actions are unauthorized and expose Filipino investors to significant risk.”

Philippines’ SEC flags risks

Several crypto platforms, including MEXC, Bitget, Phemex, CoinEx, BitMart, Poloniex, and others, remain accessible in the country and are actively marketed to local users. Hence, the regulator warned that offering or promoting crypto services, like trading or derivatives, to Filipino users without proper registration breaches securities laws.

While cautioning that the list isn’t exhaustive, the SEC pledged legal action, including cease-and-desist orders and criminal complaints.

The agency is also planning to work with tech giants like Google, Apple, and Meta to block unauthorized promotions.

This collaboration with tech giants happened last year too, when the agency asked Google and Apple to remove Binance’s app from local app stores. At the time, it cited investor protection concerns.

What is the SEC concerned about?

In its latest advisory, the SEC underlined the national security risks tied to these platforms, including potential money laundering and terrorist financing.

It also reiterated its intent to act independently against violators through cease-and-desist orders, criminal complaints, and seeking to block access to websites and apps offering unregistered services.

The agency further reaffirmed its commitment to protecting investors and maintaining market integrity, warning that violations of the Securities Regulation Code (SRC) and the Foreign Corrupt Practices Act (FCPA) may result in serious legal consequences.

And yet, despite these strict warnings and actions, the country isn’t closed off to crypto.

In fact, Philippines is now on track to become a key fintech hub, with digital payments projected to reach $31.68 billion by 2025 with over 65 million digital wallet users.