The Securities and Exchange Commission (SEC) warned the public against engaging with online platforms that provide crypto-asset services without the necessary license from the Commission.
In an advisory, the SEC Enforcement and Investor Protection Department (EIPD) identified platforms operated by unauthorized crypto-asset service providers (CASPs) that remain accessible and have active marketing presence in the country.
The list of unregistered CASPs that are unauthorized to solicit investments from the public include OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex and Kraken.
“This list is not exhaustive. Other platforms offering similar services to the Philippine public without registration or SEC approval are likewise considered to be operating in violation of Philippine securities laws,” the advisory read.
“Their actions are unauthorized and expose Filipino investors to significant risk, including total loss of funds, no legal recourse, [and] exposure to fraud, market manipulation, and identity theft,” it added.
In May, the SEC strengthened its oversight over CASPs and crypto assets with the issuance of Memorandum Circular Nos. 4 and 5, Series of 2025, which provides for the rules on CASPs and guidelines on their operations.
Under the rules, all CASPs and crypto-asset securities, which fall under the definition of securities under Republic Act No. 8799, or the Securities Regulation Code (SRC), must be registered with the SEC.
MC Nos. 4 and 5 officially took effect on July 5.
Money laundering risks
In addition, the SEC cautioned how unregistered crypto-asset platforms may be exploited for money laundering and terrorist financing, given that they are not subject to monitoring by local regulators and often lack effective anti-money laundering systems.
“This creates serious vulnerabilities that have been repeatedly flagged by the Financial Action Task Force. Continued public access to such platforms may expose the country to cross-border illicit finance and reputational risks, including concerns related to gray-listing,” according to the advisory.
Under RA No. 9160, or the Anti-Money Laundering Act, virtual asset service providers are required to implement robust controls, including customer due diligence, suspicious transaction reporting, and recordkeeping, to combat money laundering.
Possible sanctions
The public is advised not to invest or trade in unregistered platforms, and remain cautious of crypto promotions on mobile applications and social media, or by influencers that target Filipino users.
The SEC further urged the public to report any unauthorized offering, selling or marketing of crypto-assets to the EIPD at epd@sec.gov.ph, or to the Cyber and Forensics Division at eipd-cybercrime@sec.gov.ph. For inquiries on registration and licensing, the public may contact casp@sec.gov.ph.
Meanwhile, the SEC may take legal and regulatory action against violators of the CASP rules through the issuance of cease and desist orders, and the blocking of access to such websites and applications.
The SEC may also file criminal complaints against unauthorized CASPs under the SRC and RA No. 11765, or the Financial Products and Services Consumer Protection Act.
