Internet providers in the Philippines have begun blocking access to several unlicensed cryptocurrency exchanges in response to a warning issued by the Securities and Exchange Commission (SEC).
Blocking of Crypto Exchanges in the Philippines
Users report being unable to access websites of platforms such as OKX, Bybit, and Bitget, although mobile apps continue to function. Past enforcement suggests that app access may also soon be restricted.
Experiences of Crypto Traders
Traders in the Philippines complain about the unsatisfactory crypto rates offered by local exchanges. CITE_NA: "Crypto rates at local exchanges do not meet traders' expectations."
Situation with Licensed Platforms
Although crypto trading remains legal in the Philippines, users claim that licensed platforms offer a limited range of tokens and less competitive pricing compared to the now-blocked exchanges.
The analysis of the situation indicates that the blocking of unlicensed exchanges may negatively impact traders, especially since legal platforms may not always offer favorable conditions.
