Philippine SEC Cracks Down: 10 Unregistered Crypto Exchanges Operating Illegally
The Philippine Securities and Exchange Commission just dropped the hammer—ten crypto exchanges are running rogue without licenses. Here’s why it matters.
Regulators aren’t playing nice anymore. The SEC flagged these platforms for blatant non-compliance, putting investors at risk in the Wild West of digital assets.
No names yet, but the message is clear: operate illegally, face the heat. Meanwhile, TradFi bankers are probably sipping coffee, smug about crypto’s ‘lack of regulation.’
Stay sharp—unregistered exchanges mean zero protection when things go south. And in crypto, they always do.
Source: Philippines SEC
“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 noted. “Their actions are unauthorized and expose Filipino investors to significant risk.”
Philippines SEC to Take Enforcement Action Against Violators, Similar to Binance
In April 2024, the financial regulator of the Philippines blocked local user access to Binance, citing concerns over the firm’s unlicensed operations in the country. The action left citizens unable to withdraw their funds.
The SEC terminated Binance’s website access and online trading platform after receiving the assistance of the National Telecommunication Commission (NTC).
Additionally, the regulator said at the time that blocking Binance from app stores like Google and Apple stores would help “prevent the further proliferation of its illegal activities in the country.”
On a similar note, the SEC said Monday that upon compliant, the Commission shall take legal and regulatory action against the ten violators. This includes issuance of cease and desist orders, blocking their websites and apps, and filing of criminal complaints, among others.
Besides the 10 crypto firms, the Philippine SEC flagged that several other platforms remain accessible and are conducting unauthorized marketing activities targeting Filipino residents.
The advisory also raised concerns regarding national security, warning that unauthorized crypto platforms pose high risks for money laundering and terrorist financing.
