The Philippine Securities and Exchange Commission (SEC) has issued a public caution, identifying ten cryptocurrency trading platforms that are operating within the nation’s borders without securing the necessary licenses.
Among the highlighted entities are prominent exchanges such as Bybit
$468.89M
.
The SEC clarifies that these firms have failed to register in compliance with the provisions outlined in Memorandum Circulars No. 4 and No. 5, which went into effect on August 5th. These circulars mandate that all entities engaged in providing cryptocurrency-related services must obtain explicit authorization prior to commencing operations within the Philippines.
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The regulatory body states that these platforms continue to extend or advertise cryptocurrency services to Filipino users without adhering to updated regulations. The SEC emphasizes that this practice is impermissible and could expose domestic investors to potential hazards.
The list also includes the following exchanges: Bitget
$3.01B
, and Poloniex. The SEC observed that the majority of these platforms are still accessible in the Philippines and are actively engaged in local promotional campaigns.
Furthermore, the agency acknowledges that the listing is not exhaustive. Any individual or entity facilitating access to cryptocurrency exchanges or providing services such as the buying, selling, or trading of crypto derivatives is obligated to register with the SEC.
The SEC cautions that it intends to enforce measures against those who fail to achieve compliance. These actions may encompass the issuance of cease and desist orders and the potential pursuit of criminal charges. The commission will also coordinate with technology corporations like Google, Apple, and Meta to prevent these platforms from promoting their offerings within the Philippines.
The Philippines is one of many countries globally enhancing its regulatory oversight regarding crypto assets. Indonesia has recently modified its taxation policies, increasing crypto-related taxes. Read more about the change.