Philippines SEC Warns Crypto Exchanges for Operating Without Registration
The Philippines Securities and Exchange Commission (SEC) may take action against several crypto exchanges, including OKX, ByBit, and Bitget, for operating without proper registration. The SEC warned the public against using these platforms.
Key points include:
- The SEC's notice, dated August 4, also names Mexc, Kucoin, and Kraken as accessible without registration.
- New regulations effective July 5 require authorization for offering crypto services, including anti-money laundering compliance.
- The SEC previously blocked access to Binance, which still lacks a license in the Philippines.
- Bitget is assessing the advisory and aims to obtain licensing where it operates; OKX declined to comment, while others did not respond.