Philippines SEC Blacklists 10 Crypto Exchanges for Illegal Operations

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The Philippines SEC has called out OKX, Bybit, KuCoin, Kraken, and six other major crypto exchanges for running unregistered services in violation of the country’s new regulations.

In a Monday advisory, the regulator warned that these platforms—which also include MEXC, Bitget, and Poloniex—were still marketing to Filipino users despite lacking approval under recently enacted SEC rules.

“These firms have no license or authorization to operate in the Philippines,” the SEC stated, noting that their activities put investors at risk.

While the advisory highlighted 10 exchanges, the SEC stressed that other unregistered platforms could also face penalties as authorities ramp up enforcement.