Philippines Blocks Access to 10 Overseas Crypto Exchanges

Crypto exchanges in the Philippines are facing some pressure from the government. SEC banned 10 crypto exchanges this week. Such platforms were in the business of serving Filipinos without appropriate licences. 

The SEC says these crypto exchanges are operating illegally in the Philippines. If you try to visit these exchanges while using PLDT, you will now see a blocked page instead.

What’s Happening?

On Monday, the SEC issued a warning, asserting that popular crypto exchanges like OKX, Bybit, KuCoin, and Kraken lack registration in the country. That means they don’t have permission to offer services or take investments from Filipinos.

“These platforms have no license, registration, or authorization,” the SEC said in an advisory. The statement listed 10 platforms, including MEXC, Bitget, and CoinEx, now blocked by authorities. This move follows new rules introduced in June. Crypto platforms must now register with the SEC, meet capital rules, and disclose their business to operate in the Philippines.

Not Just the Philippines

Other southeast asian countries are making similar moves. In May, Thailand blocked five crypto exchanges, while Indonesia increased taxes and tightened its regulations. So, the current situation is not an exclusive Philippine problem; it is a trend in many places in the region.

How Are People Reacting?

Luis Buenaventura, head of crypto at GCash, believes the change might benefit local platforms in the long run. While experienced users can bypass the block, novices may turn to approved apps like GCash. Many Filipinos are just starting their journey with cryptocurrency, he noted.

These users are more susceptible to scams, which highlights the need for increased training and safer facilities. Nonetheless, some show discontent. Buenaventura pointed out the frustrations of the community, with some claiming the government was monopolistic or protectionist.

Conclusion

The SEC claims it has not yet finalized its list of banned crypto exchanges and could add more names soon. Therefore, if you’re using a foreign crypto platform in the Philippines, it’s advisable to verify its registration status now. The crackdown may look heavy-handed, but the regulators want to save the newcomers and promote the engagement of secure and local services.

Disclaimer

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