PH‑SEC Avisoran: Unregistered Cryptocurrency Platform Warnings

The Philippines’ Securities and Exchange Commission (SEC), on August 1, 2025, issued a critical investor advisory naming 10 unregistered crypto platforms operating in the country without proper authorization—including Kraken, OKX, KuCoin, Bybit, Poloniex, BitMart, and four others targeting Filipino users through local marketing campaigns

Under the SEC’s Crypto Asset Service Provider (CASP) Rules, all crypto platforms offering services to the public in the Philippines must be licensed. The advisory confirms that the listed platforms currently lack any registration, license, or SEC approval to solicit investments locally.

Key concerns highlighted include heightened risk of money laundering and terrorist financing, stemming from weak AML controls among unauthorized operators. Philippine investors are strongly advised to verify a platform’s SEC registration status before engaging in transactions. Potential enforcement actions include cease‑and‑desist orders, criminal complaints, and takedown requests via major tech platforms