SEC uncovers 10 unregistered crypto platforms

MANILA, Philippines — The Securities and Exchange Commission (SEC) has uncovered 10 unregistered crypto platforms targeting Filipinos following its enforcement action that led to the geo-blocking of Binance’s website.

Identified by the commission as unregistered crypto platforms were OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex and Kraken.

The SEC said these platforms continue to offer or market crypto-asset services to the Philippine public without the required registration or license.

However, the regulator said the list is not exhaustive, noting that other platforms offering similar services to the public without registration or SEC approval are likewise considered to be operating in violation of Philippine securities laws.

“These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public,” the agency said.

“Their actions are unauthorized and expose Filipino investors to significant risk, including total loss of funds, no legal recourse as well as exposure to fraud, market manipulation and identity theft,” it said.

The SEC has cautioned the public against engaging with these unregistered entities and online platforms which offer crypto-asset services to Philippine residents without the required registration or authorization from the commission.

It likewise warned the public that unregistered crypto-asset platforms may be exploited for money laundering and terrorist financing.

According to the SEC, continued public access to such platforms may expose the country to cross-border illicit finance and reputational risks, including concerns related to gray-listing.

Last year, the SEC approved the filing of a formal request with the National Telecommunications Commission for assistance in blocking the website and other web pages used by Binance to help stop its unauthorized investment solicitation activities in the country.

Binance offers a platform for trading financial instruments and investment products – including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services and a platform for initial coin offerings, according to the SEC.

However, the SEC said Binance has not secured a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities.