The Philippine SEC on Monday warned Filipinos against using ten offshore crypto exchanges, including OKX, Bybit and Kraken. These firms began offering services after July 5, 2025, without the required SEC registration under new CASP rules.
The regulator said it will pursue legal measures such as cease and desist orders, website blocking and criminal complaints.
Non-Compliance Exposed
The SEC indicated that none of the ten platforms is a licensed or authorised entity to operate in the Philippines. Under law, digital asset service providers are obliged to register under the Commission’s CASP Rules and Guidelines.
On July 5, 2025, these rules became effective in order to safeguard the investors and promote market integrity. The unregistered exchanges now have their cases against them for operating outside the legal framework.
Echo of Binance Block
This fresh warning follows the SEC’s April 2024 move to prevent access to Binance’s local site and trading application. The SEC cooperated with the National Telecommunications Commission on this.
Thousands of Filipino users could not withdraw their funds until issues of compliance were dealt with by Binance. The new advisory indicates a repeat of such an approach against offshore entities, disregarding rules.
Risks to Investors
Commission officials pointed out that unregistered platforms pose investors a high degree of risk. They mentioned potential risks of fraud, theft and no dispute resolution.
The SEC also cautioned that the entities might enable money laundering or terrorist financing. The regulator wants to protect Philippine investors from negative market practices and provide more secure trading conditions by acting now.
Broader Unauthorised Marketing
Aside from the ten marked exchanges, the SEC stated that other sites are still available in the country. These websites persist in targeted promotions among Filipino residents without the proper clearance.
The SEC advised the public to check whether an exchange is registered or not before opening accounts or sending money. This step for careful shows the Commission’s campaign for heightened public awareness.
Also Read: Philippines SEC Set to Bring In New Rules To Regulate Crypto-Asset Service Providers
Strengthening Oversight
Alongside this, the Philippines has implemented a full-grown framework for crypto token listings. The twin-regulator model charges both the Bangko Sentral ng Pilipinas and the SEC with regulatory functions.
This structure is meant to cater to token issuance, trading and investor protection. The new step is meant to bring consistency and clarity and balance to the rapidly changing digital asset space.
New Rules for Crypto Businesses
The SEC recently issued Memorandum Circular Nos. 4 and 5, Series of 2025, targeting crypto-asset services. These rules apply to any firm that markets, issues or trades digital tokens in the Philippines.
They cover requirements from corporate governance to anti-money laundering controls. Firms must now meet clear standards or face enforcement action, including fines and business suspension.
Industry Reaction
Local industry groups responded with mixed views, and some praised the SEC for protecting small investors and strengthening trust in digital markets.
Others warned that strict rules could push users toward unregulated platforms offshore. They urged the SEC to balance enforcement with efforts to foster innovation in blockchain and fintech.
The SEC said it will launch an awareness campaign on safe crypto practices. It plans workshops, online seminars and guides to help Filipinos understand registration requirements.
Also Read: Binance Partners With Philippine Authorities To Trace $3.75M Crypto Ransom