Philippines cracks down on unregistered crypto exchanges
Regulators in the Philippines, Thailand, and Indonesia are intensifying efforts against offshore crypto platforms lacking local licences.
The Philippines SEC has warned 10 major crypto exchanges, including OKX, Bybit, KuCoin, and Kraken, for operating without proper authorisation under new regulations. These platforms continue offering services to Filipino users despite lacking official registration, putting investors at risk.
The SEC noted that other unregistered exchanges may also be operating illegally. It plans to take enforcement actions such as cease and desist orders and criminal complaints.
The regulator will collaborate with Google, Apple, and Meta to block unauthorised marketing and app availability.
Similar crackdowns are underway across Southeast Asia. Thailand recently ordered the blocking offshore exchanges like Bybit and OKX, urging investors to withdraw funds. Indonesia has increased income tax rates on foreign crypto platforms, raising costs for offshore trading.
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