PLDT blocks access to illegal crypto sites

MANILA, Philippines — Telco leader PLDT Inc. has restricted access to 10 cryptocurrency exchange platforms that were found operating without a license to protect its subscribers from possible fraud.

PLDT yesterday said it is blocking access to crypto channels OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex and Kraken as ordered by regulators.

The sites were deemed illegal by the Securities and Exchange Commission for lack of registration, making it dangerous for Filipinos to trade their crypto assets with them.

In turn, the National Telecommunications Commission (NTC) issued an order to telcos to block access to the sites immediately. PLDT, along with its wireless arm Smart Communications Inc., wasted no time complying with the directive.

PLDT first vice president and group head of public engagement Roby Alampay said it is urgent to block illegal sites given the prevalence of online scams, with more and more Filipinos falling prey to digital fraud as shown by data from anti-scam app Whoscall.

Reports of risky links went up by 28 percent to 18,735 in the second quarter, from 13,602 in the first quarter, exhibiting the migration of scams to online platforms.

“We work closely with our government regulators in protecting Filipinos from potential threats,” Alampay said.

“Upon receipt of the order from the NTC, we restricted access to these identified websites, (and) their web addresses are no longer accessible on our network,” he added.

Crypto are digital assets used
primarily for online transactions, and anyone can buy, sell or trade them online. Their value changes daily, similar to the stock market, so transacting them in unregulated channels could lead to loss of funds, identity theft and fraud exposure.

Meanwhile, PLDT saw cable theft incidence decline in the first half, a development attributed to better collaboration with authorities and communities. PLDT recorded a 43-percent decrease in the incidents and a 36-percent drop in apprehensions.

PLDT chief operating officer Menardo Jimenez Jr. said the telco is expanding protection efforts to ensure the stability of connectivity services.

“As we accelerate efforts to build the Philippines’ digital future, fortifying infrastructure ensures we can consistently deliver reliable service and support inclusive growth,” Jimenez said.