Philippine SEC Blocks Access to 12 Foreign Crypto Platforms
The Philippine Securities and Exchange Commission (SEC) has blocked access for residents to access nearly all major global cryptocurrency exchanges operating without the required local license or registration.
Regulatory Crackdown
Following its June rule requiring crypto service providers in the Philippines to register, disclose information, and meet capital thresholds, the SEC on Monday issued an advisory warning that unregistered foreign platforms operating on Philippine soil violate local law.
The advisory detailed a technical block implemented via one of the country’s largest internet service providers (PLDT), citing violations of local regulations for platforms including OKX, MEXC, Bybit, KuCoin, Bitget, Kraken, CoinEx, Phemex, BitMart, Poloniex, Binance, and others listed as unregistered operators.
Implications and Local Response
While the measures escalate the SEC’s anti-MLC stance, particularly by naming specific platforms (“not exhaustive!”), the regulation’s primary stated goal is to curb unlicensed operations. Internal feedback received by Decrypt suggests Filipinos frustrated by the enforcement actions perceive moves that could foster anti-competitive behaviour.
Impact on User Base and Education
Luis Buenaventura, head of crypto at GCash, highlighted a strategic nuance: the existing crypto community in the Philippines is relatively small compared to the overall population. There exists an “untapped majority” – inexperienced individuals particularly vulnerable to scams.
He views the crackdown, despite user frustration, as a chance for platforms focusing on beginner education. “If we want to earn the trust of the community,” he acknowledged, “compulsory collaboration might not be the best answer for now,” underscoring the potential dividends of a gradual shift to compliant, locally-based services for these emerging users.
