The Philippine Securities and Exchange Commission (SEC) has issued a public warning against ten unregistered cryptocurrency platforms, including well-known exchanges like OKX, Bybit, and Kraken. The regulator stated that these offshore platforms are operating without the proper authorization required under the new CASP Rules, which became effective on July 5, 2025.
This latest action, which puts local investors at significant risk, follows a similar move against Binance in April 2024. The SEC is now vowing to pursue legal and regulatory measures against the non-compliant platforms, including the possibility of issuing cease-and-desist orders, blocking their websites and apps, and filing criminal complaints.
In its advisory, the SEC highlighted not only the financial risks to investors but also national security concerns, warning that unregulated platforms are prone to being used for money laundering and terrorism.
The Philippine Securities and Exchange Commission (SEC) has officially confirmed that its Crypto Asset Service Provider (CASP) rules took effect on July 5, 2025. The new framework requires all crypto platforms serving Filipinos to comply with strict standards to operate legally.
To meet these requirements, service providers must register as domestic corporations, maintain a physical office in the country, and have a minimum paid-up capital of ?100 million (approximately US$1.8 million).
The SEC is warning that any entity that continues to operate without meeting these new regulations is in direct violation of securities laws and will face immediate enforcement actions.
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