The Philippines Securities and Exchange Commission (SEC) has issued an advisory flagging 10 major international cryptocurrency exchanges for operating within the country without necessary licenses.
Popular exchanges including OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart and Poloniex made the list.
A 4th August 2025 advisory from the SEC said, “These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public.”
After Binance… PH SEC 🇵🇭 Flags these CEXes and wanted people to use local CEXes (which are super slow and have over-the-top fees) clowns🤡
src: https://t.co/ifY3rjW39X pic.twitter.com/OYP94A10Kn
— JANNABI 🇵🇭 (@JANNABI_L3gend) August 5, 2025
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“List of ten exchanges is not exhaustive,” Says Phillippines SEC
The SEC also insisted that the rules are designed to apply broadly to anyone who “offers, promotes, or facilitates access to crypto-asset trading venues or intermediation services.”
According to the SEC, their continued operation exposes local users to considerable risks, as they function outside the legal framework established to safeguard investors. The regulator was warned of impending enforcement actions. The action can include cease and desist orders, and criminal complaints.
“Their actions are unauthorized and expose Filipino investors to significant risk, including total loss of funds, no legal recourse, exposure to fraud, market manipulation, and identity theft,” the SEC said.
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Most Immediate Concern for Users is Possibility of Losing Access to Platforms
SEC in the Philippines flexing on crypto like it's a gym membership! Unregistered exchanges getting the boot? LOL, good luck with that! #RegulationIsComing #CryptoChaos
This news is negative.
— PM Cypher (@pm_cypher) August 5, 2025
The Philippines SEC said it will work with Google, Apple and Meta to curb the marketing activities of these unauthorized exchanges. The authorities can also potentially block their apps. There is also the possibility that users may be given a limited window to withdraw their funds. Therefore, the move has drawn significant criticism from crypto investors, with most lashing out on X. “This news is negative,” insisted a user.
In a similar move last year, the SEC successfully directed Google and Apple to remove the Binance App from their local app stores. The authorities cited investor protection concerns.
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