- Philippines SEC warns against unlicensed crypto exchanges like OKX, Bybit, and MEXC.
- Sanctions include website blocks and app restrictions on illegal crypto platforms.
- SEC will ask tech giants to remove ads promoting unlicensed crypto services.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against dealing with unlicensed crypto exchanges. The list includes platforms such as OKX, Bybit, MEXC, and others.
The SEC of the Philippines launched a campaign in March 2024 against platforms illegally providing crypto asset services. At that time, local exchanges such as MiTrade and OctaFX were banned.
Sanctions against these platforms included restrictions on access to their websites and mobile applications. Binance was later sanctioned as well.
In a recent release, the SEC stated it found other crypto exchanges continuing to operate in the country without a license. Similar measures will be taken against them.
The regulator pointed out the lack of proper control measures on these platforms, including anti-money laundering (AML) and counter-terrorism financing measures. Users were warned not to trade or store crypto assets on these exchanges.
As part of the restrictive measures, the SEC plans to request blocking of the websites and applications of these exchanges. It will also contact Google, Apple, and other major platforms to remove advertising content related to these services.
The SEC urges investors to conduct thorough due diligence before engaging with any crypto platform to avoid potential scams. It also encourages the reporting of suspicious platforms to help protect the public from financial risks.
