The Philippine Securities and Exchange Commission (SEC) has issued an advisory flagging 10 major international cryptocurrency exchanges for operating domestically without the required license.

Popular exchanges such as OKX, BYBIT, KUCOIN, KRAKEN, MEXC, BITGET, PHEMEX, COINEX, BITMART, POLONIEX and more have created the list.

The August 4, 2025 recommendation from the SEC stated that “these platforms do not have licenses, registrations or permissions from the SEC to operate in the Philippines or to seek investment from the public.”

After the vinance…ph sec flags these sexes and hopes people use local sex (very slow, overpriced)

SRC: https://t.co/ify3rjw39x pic.twitter.com/oyp94a10kn

– @ @ “knife_l3gend) August 5, 2025

Discovered: 20+ Next Cryptocurrency Exploding in 2025

“The list of 10 exchanges is not exhaustive,” says Philippines.

The SEC also argued that the rules are designed to be widely applied to “people who provide, promote or promote access to encrypted trading venues or intermediary services.”

According to the SEC, their ongoing operations work outside of established legal frameworks to protect investors, putting local users at considerable risk. Regulators were warned of impending enforcement actions. The lawsuit includes an order to suspend and abolition, as well as criminal charges.

“Their actions are fraudulent and puts Philippine investors at significant risk. The SEC said total loss of funds, legal measures, exposure to fraud, exposure to fraud, market manipulation and identity theft.

Explore: Top 20 Cryptography to Buy in August 2025

The Philippine SEC bends with code like gym memberships! Will an unregistered exchange get boots? LOL, good luck with that! #RegulationISPRONING #cryptochaos

This news is negative.

– PM cypher (@pm_cypher) August 5, 2025

The Philippine SEC said it will work with Google, Apple and Meta to curb marketing efforts for these fraudulent exchanges. Authorities may also block the app. It could also be given users a limited window to withdraw funds. Therefore, the move has attracted a lot of criticism from crypto investors, with most people assaulting it with X. “The news is negative,” the user claimed.

In a similar move last year, the SEC instructed Google and Apple to remove the Binance app from their local app store. Authorities cited concerns about investor protection.

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Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

June 23, 2025

Crypto exchange OKX is weighing a potential initial public offering in the US, just two months after settling with US authorities and relaunching its operations in the country, according to a report from The Information.

The move would mark a sharp turnaround for the Seychelles-registered exchange, which exited the US market after a series of regulatory violations.

In February, OKX agreed to pay over $504m in penalties to settle charges brought by the Department of Justice.

OKX Makes a Big Return to US Markets

Prosecutors said the company operated an unlicensed money-transmitting business and failed to implement basic anti-money laundering controls. Between 2017 and its exit, OKX allegedly processed more than $1 trillion in trades for US users despite policies suggesting otherwise.

Just two months later, OKX announced its return to the US market. The company set up a regional headquarters in San Jose, California, and tapped Roshan Robert, a former executive at Morgan Stanley and Barclays, as its US CEO.

At the time, Robert said the firm’s re-entry reflected “a commitment to responsible growth” and added that OKX was working closely with regulators to stay compliant.

The exchange has been working to rebuild its reputation, particularly in the eyes of US regulators. Its leadership has framed the relaunch not as a relabeling effort, but as a strategic reset focused on transparency and adherence to evolving US crypto laws.

IPO Plans Signal Ambition, but Regulatory Hurdles Still Loom

A listing on a US stock exchange would mark a big shift for OKX, potentially opening the door to greater institutional trust and a broader investor base. The company has not yet filed paperwork with the SEC, and the timeline remains unclear.

OKX is not alone in exploring a public offering. Bullish, backed by investor Peter Thiel, and Gemini, founded by the Winklevoss twins, have both confidentially filed for IPOs in recent months.

Meanwhile, stablecoin issuer Circle recently closed an oversubscribed listing valuing it at nearly $8.1b on a fully diluted basis.

However, regulatory scrutiny continues to shadow OKX. In May, Thailand’s Securities and Exchange Commission said it planned to shut down certain exchanges, including OKX, for operating without a license.

If OKX proceeds with a US IPO, it will gauge investor interest while also revealing how much leeway regulators are willing to give crypto firms after past violations.

OKX CEO Star Xu has responded to accusations from Tron founder Justin Sun, who claimed the exchange failed to act on a law enforcement request to freeze stolen funds linked to a hack of Tron’s official X account.

Sun alleged that OKX ignored a “freeze notice” from law enforcement following the May 3 breach, during which Tron’s X account was compromised.

The attacker reportedly posted a malicious smart contract address, sent direct messages, and engaged with unfamiliar accounts.

Justin Sun Says OKX Ignored Freeze Request

In a now-deleted post, Sun stated that the exchange had been contacted via official email but had not responded, leaving him with “no other way” to reach OKX’s compliance team.

“These stolen funds do not belong to me; I’m acting to protect the community,” Sun claimed.

Star Xu dismissed the allegations. “OKX has a consumer protection policy governed by law,” Xu wrote on X.

“We can’t freeze a customer’s funds based on your personal X post or oral communication. As the CEO of HTX, I think you should understand this.”

Xu added that OKX’s law enforcement (LE) cooperation team reviewed its email accounts, including spam folders, and found no official request related to the case.

“Our LE cooperation team just checked the email, including the spam box; we haven’t received any request related with this case,” he said.

Xu also posted a screenshot of Sun’s original deleted message and challenged him to share evidence of the alleged freeze notice, including the time and source of the request.

The incident adds to a growing list of social media hacks in the crypto space.

On March 15, Yu Hu, founder of crypto AI platform Kaito, had his account hijacked to spread false warnings about compromised wallets—shortly after attackers opened a short position in KAITO tokens.

Similarly, on Feb. 26, the Pump.fun X account was compromised to promote a fake governance token.

In another instance, UK MP Lucy Powell’s X account was hacked on April 15 to promote a scam token.

Crypto Hacks Surge in 2025 as Losses Top $1.74 Billion in Four Months

Hackers stole over $92.4 million from crypto projects in April 2025 alone, according to blockchain security firm Immunefi.

The figure represents a 27.3% year-over-year increase and more than double the losses reported in March.

April’s attacks occurred across 15 incidents, with two major exploits accounting for the bulk of the damage.

UPCX, an open-source platform, lost $70 million in a single attack, while decentralized exchange KiloEx was hit for $7.5 million.

Other affected projects included Loopscale, ZKsync, Term Labs, and Bitcoin Mission, each experiencing losses exceeding $1 million.

Cumulatively, the first four months of 2025 have already seen $1.74 billion in crypto losses—more than all of 2024, which totaled $1.49 billion.

Immunefi previously noted that Q1 2025 was the worst quarter for hacks in crypto history, driven largely by massive breaches of centralized exchanges Phemex and Bybit.

The post OKX CEO Defends Exchange Amid Justin Sun Freeze Dispute appeared first on Cryptonews.

OKX founder and CEO Star Xu has publicly defended the crypto exchange after Tron founder Justin Sun accused it of failing to act on a law enforcement request to freeze stolen funds following a recent hack of Tron’s official X account.

“OKX also has consumers protection policy according to law, we can’t freeze a customer’s funds according to your personal X post or an oral communication. I think you should understand it as the CEO of HTX,” Xu said in an X post.

OKX says there is no communication in the spam box, either

Xu said that the crypto exchange had not received any related correspondence through OKX’s official channels. “Our LE cooperation team just checked the email, including the spam box; we haven’t received any request related with this case,” Xu said.

In what is now an unavailable X post, but was screenshotted by Xu, Sun had earlier claimed that OKX has not responded to a “freeze notice” sent to its official email address from a “relevant law enforcement agency.” Sun said that he had no other way to contact OKX’s compliance department.

“These stolen funds do not belong to me; I’m acting to protect the community,” Sun said. On May 3, Tron DAO told its 1.7 million X followers that its account had been compromised. Tron explained that during the breach, an unauthorized party posted a malicious crypto token contract address, sent direct messages, and followed unfamiliar accounts.

“If you received a DM from our account on May 2, please delete it and consider it the work of the attacker.”

In response to Sun’s claims of inaction, Xu publicly called on him to provide a screenshot showing when and where the law enforcement request was made.

The Tron incident is one of several recent security breaches involving high-profile crypto accounts on X.

Related: Over 14,500 Tron addresses at risk of silent hijacking

Kaito AI, an artificial intelligence-powered platform that aggregates crypto data to provide market analysis for users, and its founder, Yu Hu, were the victims of an X social media hack on March 15. The hackers opened up a short position on KAITO tokens before posting that the Kaito wallets were compromised and advised users that their funds were not safe.

Just a few weeks before, on Feb. 26, The Pump.fun X account was compromised to promote a fake governance token called “PUMP” and other fraudulent coins.

Meanwhile, the X account of UK member of Parliament and Leader of the House of Commons, Lucy Powell, was hacked on April 15 to promote a scam crypto token.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

]]> https://earlybirdsinvest.com/okx-fires-back-at-trons-justin-sun-over-mysterious-freeze-notice/feed/ 0 34292 https://earlybirdsinvest.com/okx-returns-to-us-market-following-505m-doj-deal/ https://earlybirdsinvest.com/okx-returns-to-us-market-following-505m-doj-deal/#respond Thu, 17 Apr 2025 02:14:44 +0000 https://earlybirdsinvest.com/okx-returns-to-us-market-following-505m-doj-deal/

However, their open‐interest (OI) figures are diverging somewhat: while Binance’s BTC/USDT perpetual shows both volume and OI rising, most other pairs either show flat‐to‐lower OI despite big volume spikes. This typically reads in the futures market as an indication of varied positioning strategies among participants, and it aligns with the volatility in Bitcoin’s spot price.

Across Binance and OKX, the listed perpetuals reflect roughly the same gain in BTC’s price. Data from CryptoQuant likewise shows the spot market climbing into the mid‐$84 k range, confirming a short‐term bullish push.

Many pairs, such as Binance BTC/USDT at around +52%, BTC/USDC at +57%, and OKX BTC/USDC at +92%, have also seen a large surge in trading activity. This jump often means traders are piling in to catch the upward momentum while existing positions are closed or rotated, creating elevated turnover. High volume alone does not tell us whether new activity is opening more positions or simply churning existing ones, and that is where OI changes become particularly important.

On Binance, BTC/USDT perpetual shows OI rising by around 1.98% on top of a significant volume jump. This typically suggests that in addition to higher turnover, new long or short positions are being added. Given that the price is also up, it is common to interpret this as new longs entering the market, although adding new shorts is possible, too.

Rising OI generally points to a larger number of total contracts outstanding. Many other pairs, such as Binance BTC/USD at –0.82%, Binance BTC/USDC at –1.08%, and OKX BTC/USDT at –3.63%, show a drop in OI despite the elevated trading volume.

This often implies a wave of short covering or profit‐taking by longs, closing existing contracts, or a rapid turnover of positions that ends with fewer net contracts open than before. When the price is rising, and OI simultaneously declines, it can be a sign of traders reducing risk, often consistent with traders who were short getting squeezed or longs taking profits on the way up.

Putting all these figures together alongside Bitcoin’s spot price shows that the overall market is bullish, with BTC up by about 2% to 3%. However, the inconsistent OI changes show that only some pairs, notably Binance BTC/USDT, are adding net new positions, while others are seeing churn and position unwinding.

The sharp volume increases likely stem from day traders or short‐term momentum traders jumping in and out. Where OI declines, it can mean a flurry of liquidations, position closures, or a shift from one stablecoin pair to another, especially if traders rotate from BTC/USDC into BTC/USDT pairs.

Those pairs showing falling OI amidst a rising price often signal a short‐covering rally or simply that longs have decided to close their positions into strength. In either scenario, some participants appear to be locking in gains rather than building new, longer‐term positions.

Data from CoinGlass also shows that funding rates are positive but not extreme (e.g., 0.0035%, 0.0100%, 0.0022%, etc.), which generally points to a mildly bullish bias in perpetuals rather than an overheated market.

The data implies a bullish intraday or short‐term tilt, as the price is climbing on high volume with only modest new position‐building in specific pairs. Traders in several markets appear to have used the upswing to exit positions rather than hold on for a larger trend move.

This leaves the market directionally bullish for now but puts its longevity in question, as it may hinge on whether more fresh OI comes in or if continued churn and profit‐taking keep the rally’s momentum in check.

The post Short-term optimism as Bitcoin perpetual volumes soar on Binance and OKX appeared first on CryptoSlate.

Deep-pocketed traders triggered a price crash over the weekend after depositing a huge chunk of an altcoin’s supply to digital asset exchanges.

According to blockchain tracking firm Lookonchain, whales in the Bounce (AUCTION) market have been greatly influencing the altcoin’s price action for the past week, causing massive swings in both directions.

Bounce Finance is a decentralized auction platform enabling auctions for various assets, such as physical assets tokenized on the blockchain and non-fungible tokens (NFTs).

AUCTION tokens are used for governance, staking, and fees for participating in auctions or creating NFTs on the platform.

Lookonchain says that in the last several days, whales sent over 14% of the circulating supply of AUCTION to Binance, the largest crypto exchange in the world by volume, and OKX. Those deposits presumably led to coins being sold on the open market, which ultimately caused prices to plummet.

Says Lookonchain,

“AUCTION Whales deposited 1.08 million AUCTION ($48.6 million, 14.26% of the total supply) into Binance and OKX again, causing the price to plummet by 50%.

Pay attention to price changes.”

At time of writing, AUCTION has not recovered, currently trading at $20.93 with a market cap of $137 million. AUCTION is ranked as the 363rd-largest crypto asset by market cap.

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