The Philippine Securities and Exchange Commission (SEC) has issued an advisory warning the public against using unregistered online platforms that offer crypto-asset services to residents.

The warning follows a previous enforcement action that led to the geo-blocking of Binance’s website and identifies other platforms the SEC says are operating without the required local registration or authorisation.

The SEC listed several exchanges, including OKX, Bybit, Kucoin, and Kraken, stating they are accessible in the Philippines and actively marketing to Filipinos without a license.

The commission noted this list is not exhaustive. It warned that using such platforms exposes investors to significant risks, including the potential for a total loss of funds, a lack of legal recourse, and exposure to fraud and identity theft.

Furthermore, the SEC highlighted that unregistered crypto-asset platforms could be exploited for money laundering and terrorist financing (ML/TF).

It stated these platforms often lack effective anti-money laundering systems and are not subject to monitoring by Philippine regulators, creating vulnerabilities flagged by the Financial Action Task Force (FATF). Continued public access to such services could expose the country to reputational risks, including concerns related to “grey-listing”.

The SEC advised the public not to invest or trade through unregistered platforms and to report any unauthorised marketing of crypto-assets.

The commission stated it would take enforcement actions against violators, which may include requesting the blocking of websites and applications and the filing of criminal complaints.

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