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

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“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.

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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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