The Securities and Exchange Commission of the Philippines (SEC) has announced its intention to block another ten cryptocurrency exchanges that provide services in the country without the appropriate license. The list includes well-known platforms such as OKX, Bybit, MEXC, and others.
This is reported by Business • Media
Reasons for Increased Oversight of Crypto Exchanges
The SEC is concerned that these platforms do not comply with established anti-money laundering (AML) and counter-terrorism financing requirements. The regulator emphasized the lack of adequate control mechanisms and highlighted the risks to users.
“Users have been warned not to trade or store crypto assets on these platforms.”
Since the beginning of March 2024, the SEC of the Philippines has been conducting a campaign against unlicensed platforms providing crypto asset services. The first to face sanctions were local exchanges, including MiTrade and OctaFX. Subsequently, the restrictions were expanded to include international resources, notably Binance.
Restriction Mechanisms and International Experience
The SEC plans to block access to the websites and mobile applications of exchanges that violate the law. Additionally, the regulator will reach out to technology corporations such as Google, Apple, and others, demanding the removal of advertising content related to these platforms.
It is worth noting that similar steps to strengthen control over the cryptocurrency market have recently been taken in other countries. For example, since the end of June 2025, Thailand’s regulator has also blocked access to five cryptocurrency exchanges operating without the necessary permits.
The SEC of the Philippines recommends that citizens refrain from using these platforms for trading or storing crypto assets to avoid potential financial risks.