In a move to enforce its new crypto regulations, the Philippines Securities and Exchange Commission (SEC) has issued an advisory naming 10 major cryptocurrency exchanges that are operating without the required authorization. The list includes OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex.

The advisory, published on October 27, warned these platforms against offering or promoting crypto services to Philippine users, effective from October 28 onwards. The SEC stated that these platforms “have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public,” rendering their operations unauthorized and exposing users to significant risk.

Other exchanges flagged in the advisory include MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex. The SEC noted that these exchanges remain accessible within the country, with many maintaining active local marketing presence.

More Crypto Violators Likely, Says SEC

The SEC underscored that the list may not include all violators and that other platforms providing similar services without proper registration or approval are also considered to be in breach of Philippine securities laws.

The directive applies to “any person or entity that offers, promotes, or facilitates access to crypto-asset trading venues or intermediation services such as buying, selling, and derivatives trading of crypto-assets.”

Chase G. Guer, Director of the SEC’s Capital Markets Department, announced that legal and regulatory action, including cease and desist orders and potential criminal complaints, will be pursued against these platforms.

The SEC will also work with technology platforms such as Google, Apple, and Meta to restrict unauthorized marketing activities within the Philippines. This builds on earlier actions, such as directing Google and Apple to remove Binance’s app from their app stores last year.

Southeast Asia Tightens Rules on Offshore Exchanges

The Philippines is part of a wider regional trend. Indonesia and Thailand have recently tightened regulations targeting offshore exchanges operating without local licenses.

In May, Thailand’s SEC ordered the blocking of several exchanges including Bybit and OKX, advising investors to withdraw assets ahead of shutdowns related to money laundering concerns.

Indonesia is implementing stricter crypto tax policies, increasing rates significantly for transactions, especially those facilitated by foreign platforms.