The Philippines Securities and Exchange Commission has appointed ten major cryptocurrency exchanges for exploitation without appropriate licenses, marking the most important law measures in the country since the blocking of Binance last year.
The regulator published a public opinion August 1, 2025, targeting platforms OkxBybit, Kucoin and Kraken for breaking new rules that took effect on July 5. These exchanges continue to serve Philippin users despite the authorization required as part of the country’s cryptographic asset service provider (CASP).
The application follows a clear scheme established when the Philippine authorities managed to block the binance in 2024. This action removed the largest crypto exchange in the world of the Philippin market after giving users for 90 days to leave the platform.
The new rules restart the landscape of cryptography
The repression stems from two new regulations published in May 2025. Circular dry N ° 4 and n ° 5 created the first full framework for cryptographic companies in the Philippines.
Under these rules, all cryptographic service providers must register as national companies with 100 million pesos (around 1.8 million dollars) in minimum capital. Companies must also maintain physical offices in the Philippines and submit detailed financial reports monthly.
Regulations require strict separation from the company’s assets of the company’s assets. This protection aims to prevent losses when exchanges collapse, a problem that has affected cryptography users around the world.
Companies that violated these rules face fines ranging from 50,000 to 10 million pesos per violation. The SEC can also impose additional daily sanctions of 10,000 pesos for current violations.
Ten main platforms under fire
The dry specifically appointed ten exchanges which remain accessible to Philippin users without appropriate licenses:
- OKX and Bybit, two of the largest cryptography platforms in the world
- Kucoin and Kraken, popular international exchanges
- Mexc, Bitget, Phemex, Coinex, Bitmart and Poloniex
Source: www.sec.gov.ph
Many of these platforms actively market Filipino users via social networks and local advertising campaigns. The dry noted that this direct targeting makes their violations more serious.
The regulator warned that this list was not over. Other license-free platforms operating in the Philippines may be faced with a similar action.
Binance mirror case application tools
The SEC plans to use the same application strategy that has managed to remove the Binance from the Philippin market. This includes work with Google, Apple and Meta to block unauthorized cryptographic advertising targeting Philippine users.
The Commission can also coordinate with the National Telecommunications Commission to block access to exchange websites and mobile applications. This “geo-locking blocking” prevents users from directly accessing the platforms.
Criminal complaints and assignment and desire orders offer additional application options. The SEC has stressed that it will continue all the legal appeals available against non -compliant platforms.
Regional trend towards stricter monitoring
The action of the Philippines reflects increasing regulatory pressure through Southeast Asia. Thailand recently announced its intention to block OKX, Bybit and other license without license by June 28, 2025.
Indonesia has imposed higher taxes on foreign cryptographic platforms while supporting internal exchanges. The country had previously blocked large international platforms, including Binance, Bybit and Coinbase for having lacked appropriate licenses.
Vietnam plans to develop regulations included in cryptography by May 2025. These efforts aim to combat the risks of money laundering while protecting local investors.
The coordinated approach suggests that regional governments favor regulatory compliance on cryptographic innovation. This change questions the traditional model where international exchanges operated freely through borders.
Protect users of Philippin cryptography
The Philippines have become a large cryptography market, ranking 20th in the world in cryptographic richness. The 12.79 million Philippins are expected to use cryptocurrencies by 2026, generating 1.1 billion income pesos.
This growth attracted both legitimate companies and fraudulent regimes. The SEC cited several risks faced with unregistered trade users:
- Total loss of funds if the platforms collapse or frost
- Exposure to fraud and market manipulation
- Identity theft and privacy violations
- Money laundering and terrorist financing connections
Users of approved exchanges have legal protections in the event of problems. Unregistered platforms do not offer such remedies, leaving users vulnerable to complete losses.
SEC has particularly emphasized the anti-money laundering concerns. Approved exchanges must follow strict customer identification rules and transactions monitoring. License-free platforms often do not have these guarantees, creating vulnerabilities that international criminal organizations operate.
Market impact and industry response
The named exchanges did not respond publicly to the advice of the dry. This silence suggests uncertainty about compliance strategies and potential market outings.
Some platforms can choose to obtain Philippine licenses, although this requires significant investments and operational changes. Others may withdraw from the market rather than meet regulatory requirements.
The application creates opportunities for local exchanges and compliant international platforms arranged to comply with Philippine standards. Approved operators can capture the market share as competitors without license are faced with restrictions.
The Philippine Authorities have not announced assets of assets or immediate account restrictions. However, the previous Binance suggests that such measures could follow if the platforms continue to operate without compliance.
What it means to go ahead
The dry of the Philippines has established a clear line between compliant and non -compliant cryptographic companies. The application action reports the end of the regulatory ambiguity which previously allowed international exchanges to operate freely.
This approach positions the Philippines as a leader of the regulation of balanced cryptography. The country supports innovation while protecting users through license requirements and operational standards.
The success of this application will likely influence similar actions through Southeast Asia and beyond. Other regulators closely watch the Philippines show how to effectively supervise global crypto platforms within national borders.
