The Philippine Securities and Exchange Commission (SEC) has announced that it may initiate enforcement actions against several cryptocurrency exchanges, including OKX, ByBit, and Bitget, for operating without the requisite licenses. The commission has also warned the public against utilizing these unregistered platforms. In a notice issued on August 4, the SEC identified Mexc, KuCoin, and Kraken as additional exchanges that are accessible to the public without being properly registered, with some actively promoting their services to local residents.
The agency noted that other unregistered platforms are also operational in the country. The SEC's cryptocurrency regulations, which came into effect on July 5, mandate that firms obtain necessary authorization prior to offering cryptocurrency asset services. This includes implementing appropriate anti-money laundering systems, reporting suspicious transactions, and conducting customer due diligence.
Last year, the agency blocked local access to Binance, the largest cryptocurrency exchange by volume, due to its lack of a license. Binance has yet to obtain a license in the Philippines.
In response to the SEC's advisory, Bitget's Chief Legal Officer, Hon Ng, stated that the exchange is assessing the details and is committed to obtaining licenses in the markets where it operates. OKX declined to comment, while ByBit, Mexc, KuCoin, and Kraken had not responded to requests for comment at the time of publication.