With the official implementation of new cryptocurrency regulations, the Philippine SEC announced that it will take enforcement action against cryptocurrency trading platforms operating without permission. Several international exchanges have been named, including OKX, ByBit, and Bitget, and the Philippine SEC has directly urged the public to avoid using these unregistered platforms.

According to an announcement by the Philippine SEC on August 4, these platforms are being used locally without registration and, in some cases, are actively promoting their services to the public in the Philippines. The announcement specifically named Mexc, KuCoin, and Kraken, and added that there are other unnamed operators active in the area.

Starting July 5, the Philippines implemented new regulations for the cryptocurrency industry, requiring all operators providing cryptocurrency services to obtain legal authorization and implement several compliance measures, including establishing a comprehensive Anti-Money Laundering (AML) system, suspicious transaction reporting mechanisms, and customer real-name verification (KYC) procedures.

This is not the first time the Philippines has taken a tough stance against cryptocurrency exchanges. As early as March 2024, the Philippine SEC blocked local users' access to Binance, the world's largest cryptocurrency exchange, on the grounds of operating without a license. Even to this day, Binance still has not obtained permission to operate legally in the Philippines.

In response to warnings from Philippine authorities, Bitget's General Counsel Hon Ng pointed out that Bitget takes the SEC's statement very seriously and is actively reviewing the announcement's content, emphasizing that the platform is committed to obtaining legal operational licenses in all its markets; OKX declined to comment; as of the time of writing, ByBit, Mexc, KuCoin, and Kraken have not made formal responses to inquiries from the media.

"New Philippine cryptocurrency regulations take effect! OKX, Bybit, and Bitget named for operating without permission" was first published on (Blockcast).