The Securities and Exchange Commission (SEC) of the Philippines has released a warning naming ten cryptocurrency exchanges for operating in the country without proper approval.
The list includes well-known exchanges like Bybit
$474.94M
.
According to the SEC, these companies have not registered under the latest rules set out in Memorandum Circulars No. 4 and No. 5, which took effect on August 5. These rules require any company offering crypto services to get official authorization before operating in the country.
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The SEC explained that these platforms are still offering or promoting crypto-related services to users in the Philippines without meeting the new requirements. It added that such actions are not allowed and may put local investors at risk.
Other exchanges named include Bitget
$3.01B
, and Poloniex. The SEC noted that most of these platforms remain available in the Philippines and continue to run local marketing efforts.
The agency also said this list is not complete. Any person or company that provides access to crypto exchanges or offers services such as buying, selling, or trading crypto derivatives must be registered.
The SEC warned that it plans to take action against those who do not comply. This could include cease and desist orders or even filing criminal charges. It also said it would reach out to tech companies like Google, Apple, and Meta to help stop these platforms from promoting their services in the Philippines.
The Philippines is not alone in stepping up the regulation of the crypto industry. Indonesia has recently made changes to its tax policy that increase the rates for overseas crypto platforms. What did the policy say? Read the full story.
