August 25, 2025 | 12:00am
MANILA, Philippines — The Securities and Alternate Fee (SEC) has flagged extra unregistered cryptocurrency platforms focusing on Filipinos.
The SEC has issued an advisory towards 5 unregistered crypto platforms, particularly Blofin, CoinW, DigiFinex, LBank and Pionex.
These entities have been recognized as offering options that particularly allow entry inside Philippine territory.
Such options embrace choices to register with a Philippine cellular quantity and settle for Philippine peso via on-ramp strategies together with banks or e-wallets.
The SEC mentioned the platforms haven’t secured the mandatory registration and crypto-asset service supplier license from the company.
The checklist is along with these beforehand recognized by the SEC in its advisory earlier this month which cited OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex and Kraken as unregistered crypto platforms.
“Different platforms with related options designed to onboard Philippine customers with out registration shall likewise be thought of in violation of Philippine securities legal guidelines and can be topic to enforcement motion,” the fee mentioned.
The SEC is warning the general public towards participating with unregistered entities and on-line platforms that supply crypto-asset companies to Philippine residents with out the required registration or authorization from the fee.
It mentioned that participating with unregistered platforms exposes the general public to severe dangers, comparable to complete lack of invested funds, absence of authorized safety or recourse and elevated vulnerability to cash laundering and terrorist financing.
It additionally exposes them to fraud, identification theft, market manipulation and misuse of private knowledge.
The SEC mentioned that it’ll take all obligatory enforcement actions towards violators, together with issuance of stop and desist orders and submitting of felony complaints.
It would additionally request for blocking of entry to web sites and cellular purposes in addition to coordinate with app shops and social media platforms to take away unauthorized platforms.
“The SEC will proceed to subject up to date advisories as new unregistered entities are recognized. The fee underscores its mandate to guard Filipino buyers and be sure that all entities participating in crypto-asset actions adjust to Philippine legislation,” it mentioned.