The Philippines Securities and Exchange Commission (SEC) has taken decisive action by blocking access to the websites of ten foreign cryptocurrency exchanges, including OKX, Bybit, KuCoin, Kraken, Bitget, MEXC, CoinEx, Phemex, BitMart, and Poloniex.
This crackdown stems from new regulations that took effect in June 2025, mandating all crypto service providers to register with the SEC, disclose essential information, and meet minimum capital requirements.
In its official statement, the SEC highlighted that these platforms lack the necessary licenses or authorization to operate in the Philippines or solicit investments from its citizens. The regulator warned that using unregistered services exposes users to significant risks, including the potential loss of funds, fraud, market manipulation, and identity theft.
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Since August 6, users of major internet service providers in the country have encountered block messages when attempting to access the websites of these exchanges, citing violations of local laws. This move marks a significant step in the Philippines’ efforts to regulate the crypto industry and protect its investors from the uncertainties posed by unlicensed platforms.
