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Philippines SEC Warns Public Against Unregistered Crypto Platforms
Philippines SEC Warns Public Against Unregistered Crypto Platforms
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BTCCSquare news:
The Securities and Exchange Commission of the Philippines has escalated its crackdown on unregistered cryptocurrency platforms, cautioning investors against engaging with entities lacking proper authorization. The regulator's warning underscores the risks of fraud, market manipulation, and total loss of funds when dealing with non-compliant operators.
New frameworks now require crypto service providers to register as domestic corporations with a minimum paid-up capital of ₱100 million. The SEC emphasized that unregulated platforms may expose users to money laundering and terrorist financing risks, potentially compromising the country's financial integrity.
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