The Philippines Securities and Exchange Commission (SEC) issued an advisory on August 4, 2025, naming 10 major cryptocurrency exchanges—including OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex—for operating without registration under the country's new Crypto Asset Service Provider (CASP) rules. These regulations, enacted through SEC Memorandum Circulars Nos. 4 and 5, took effect on July 5, 2025, mandating formal registration, a minimum paid-up capital of ₱100 million (~$1.8 million), physical office presence in the Philippines, and anti-money laundering safeguards.
The SEC warned that these platforms "have no license, registration, or authorization" and continue active marketing to Filipino users despite the deadline, exposing investors to risks including fraud, market manipulation, identity theft, and total fund loss. The regulator emphasized unauthorized operations violate local securities laws and may facilitate money laundering, as non-registered entities evade Anti-Money Laundering Act requirements.
Enforcement actions may include cease-and-desist orders, criminal complaints, website/app blocking, and coordination with tech platforms like Google, Apple, Meta, and TikTok to remove promotions. The advisory follows the SEC's 2023-2024 crackdown on Binance, which culminated in app-store removals and nationwide website blocking after a 90-day user exit window.
Southeast Asian neighbors are implementing similar measures: Thailand blocked five exchanges including Bybit and OKX in May 2025, while Indonesia imposed a fivefold tax hike on offshore platforms, raising rates from 0.2% to 1%.
