The Securities and Exchange Commission of the Philippines (SEC) is intensifying measures against unlicensed cryptocurrency exchanges operating in the country. The regulator announced its intention to block another ten crypto exchanges, including OKX, Bybit, MEXC, and others, due to their lack of the necessary licenses to operate in the Philippines.
This is reported by Finway
Reasons for Blocking Access to Crypto Exchanges
The Philippines SEC emphasized serious concerns regarding these platforms’ compliance with anti-money laundering (AML) and counter-terrorism financing standards. The regulator pointed out that the mentioned exchanges do not implement adequate control mechanisms, which could pose risks to users and the country’s financial system.
“The regulator noted the absence of proper control measures on the specified platforms, including anti-money laundering (AML) and counter-terrorism financing. Users have been warned not to trade or store crypto assets on these platforms.”
SEC Actions and Impact on the Crypto Market
As part of the new wave of sanctions, the SEC plans to restrict access to the websites and mobile applications of unlicensed exchanges. The regulator will also reach out to Google, Apple, and other major tech companies to request the removal of advertising content for these platforms. Citizens have been warned about the dangers of engaging with unlicensed services and advised not to use them for storing or trading crypto assets.
The SEC of the Philippines launched its campaign against illegal platforms in the crypto asset space back in March 2024, when local exchanges such as MiTrade and OctaFX were banned. Later, sanctions were imposed against Binance. Currently, the regulator continues to monitor the market and plans to implement similar measures against other platforms operating without licenses.
Similar initiatives to strengthen control over the crypto market have emerged in other countries in the region. In particular, since the end of June 2025, the Thai regulator has also restricted access to five crypto exchanges that operated without the appropriate permits.