The Philippines Securities and Exchange Commission (SEC) has released an advisory that provides 10 major crypto exchanges, including OKX, Bybit, Kucoin, Kraken and others, for operating without the necessary permission under the country’s new crypto regulations.
The Alert.
“These platforms do not have a license, registration, or permission from the SEC to work in the Philippines or to seek investment from the public,” the alert said. “Their actions are not authorized and expose Filipino investors to significant risk,” he added.
Other exchanges that -Advisory in the Advisory also include Mexc, Bitget, Phemex, Coinex, Bitmart and Poloniex. According to the SEC, these exchanges remain accessible to the country, with most maintaining an active availability of local marketing.
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Many more crypto violators are likely, Sec says
The SEC noted that the list may not include all violations and that other platforms providing similar services without proper registration or approved are also considered a violation of Philippine security laws.
The alert said the policies apply to “any person or creature that offers, promotes, or facilitates access to asset asset trading areas or intermediation services such as buying, sale, and derivatives of crypto-assets.”
The SEC has warned that it will pursue legal and regulatory actions, including cease and desist order and criminal complaints against these platforms. The regulator also said it would work on tech platforms such as Google, Apple and Meta to tighten unauthorized marketing activities.
Last year, the Philippines sec appointed Google and Apple at TAKE DOWN BINANCE’S APP From their shops for users in the country, it cites investor protection concerns. The regulator sent letters to both companies, urging them to hinder access to Binance apps in local markets.
Cointelegraph reached the Philippines sec, as well as major OKX, Bybit, Kucoin, Kucoin and Mexc exchanges, for comment, but did not receive a response through publication.
Related: Punishment of Philippine tech firms accused of helping with crypto scams
Southeast Asia prevents the rules of exchanges offshore
The Philippines is not the only Southeast Asian country that has fallen on unregistered crypto platforms. Indonesia and Thailand have also introduced this year’s strict policies that target offshore exchanges that operate without local licenses.
In May, Thailand’s Sec ordered the blocking of five crypto exchangesIncludes Bybit and OKX, as part of efforts to combat illegal platforms and money laundering. The agency advised investors to withdraw their properties from these platforms before shutdown.
Meanwhile, Indonesia has Crypto tax policy is tightsharp raising rates on foreign platforms. The income tax on domestic exchange transactions increased from 0.1% to 0.21%, while trade on the offshore platforms are now faced on a five -time walk, from 0.2% to 1%.
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