The Philippine Securities and Exchange Commission issued an advisory warning the public against engaging with online platforms providing crypto-asset services without the required SEC licence, and flagged specific platforms it considers unauthorized crypto-asset service providers (CASPs) operating in the Philippines. The SEC’s Enforcement and Investor Protection Department identified OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex and Kraken as unregistered CASPs that are not authorized to solicit investments, noting the list is not exhaustive. The advisory highlighted investor risks including potential total loss of funds, lack of legal recourse, fraud and market manipulation, and warned that unregistered platforms can be exploited for money laundering and terrorist financing because they are not subject to local monitoring and may lack effective anti-money laundering systems. It referenced SEC Memorandum Circular Nos. 4 and 5, Series of 2025, which set rules and operating guidelines for CASPs and took effect on July 5, requiring registration of CASPs and crypto-asset securities that fall under the definition of securities under Republic Act No. 8799 (the Securities Regulation Code), and also pointed to Anti-Money Laundering Act obligations for virtual asset service providers such as customer due diligence, suspicious transaction reporting and recordkeeping. The SEC said it may take legal and regulatory action against violators, including cease and desist orders and seeking the blocking of access to websites and applications, and may file criminal complaints under the Securities Regulation Code and Republic Act No. 11765 (the Financial Products and Services Consumer Protection Act).

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