The Philippine Securities and Exchange Commission (SEC) has released a statement regarding ten crypto exchanges operating without the necessary registration in the country. Major platforms on this list include well-known names such as OKX, Bybit, and Kraken.
Unregistered Crypto Exchanges on SEC's List
The Philippine SEC has published a list of ten crypto exchanges, including OKX, Bybit, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex. These platforms are not registered under the country's new crypto regulations. The SEC confirmed that these exchanges have no license and are not authorized to accept investments from the populace.
Risks of Using Unlicensed Platforms
The SEC has warned the public about potential risks associated with using unlicensed platforms. Without proper oversight, users may lose their funds without legal protection. The Commission continues to monitor the situation and has pledged to take action against any illegal operations. To prevent the proliferation of such services, the SEC is cooperating with major tech companies like Google, Apple, and Meta.
Global Trends in Tightening Crypto Exchange Regulations
The Philippines is not the only country taking measures against unlicensed exchanges. Other nations, such as Thailand and South Korea, are also ramping up monitoring and control of cryptocurrency platforms. For example, Thailand's SEC filed a lawsuit against OKX for operating without registration since 2021. In South Korea, the financial intelligence unit decided to block access to 17 unlicensed exchanges.
The tightening of regulations surrounding crypto exchanges in the Philippines and other countries highlights growing concerns regarding investment safety in digital assets. Consumers are advised to remain vigilant and choose regulated platforms for their operations.
