The Philippines Securities and Exchange Commission (SEC) has launched a major crackdown on ten offshore crypto exchanges, including OKX and Kraken, for operating without local registration.
Reasons for the Crackdown
As of August 2025, the Philippines SEC commenced strict measures against exchanges operating without proper registration. Notable platforms such as **OKX**, **Bybit**, and **Kraken** are under scrutiny. The SEC warns that "Any platform facilitating crypto trading or investment without registration could face regulatory action."
Potential Market Consequences
The implementation of these regulatory measures could result in significant loss of access to the Filipino market, critical given the country's high crypto adoption rate. Exchanges may face a decrease in trading volumes and user numbers. Users may migrate to more compliant platforms or DEXs.
Future of the Crypto Industry in the Philippines
Analysts project stricter regulatory oversight and new challenges for users seeking access to fiat transactions. Increased usage of DEXs is likely to follow due to restrictions on fiat transactions.
The Philippines SEC is actively working towards improving regulatory standards, promoting a safer environment for investors while simultaneously posing risks for existing platforms that do not adhere to new requirements.
