05.08.2025 05:36

The Philippine Securities and Exchange Commission (SEC) issued a stern warning on August 5th, 2025, targeting ten offshore cryptocurrency exchanges for operating illegally within the country. This decisive action highlights the SEC's increasingly stringent approach to regulating the cryptocurrency market in the Philippines. Among the implicated exchanges are prominent global players such as OKX and KuCoin.

These ten platforms are operating without the necessary licenses, violating Philippine compliance regulations. The SEC's warning stems from the recent enforcement of Memorandum Circulars No. 4 and 5, underscoring a broader trend of increased regulatory oversight. This follows previous actions against other major exchanges, including Binance, suggesting a significant tightening of regulatory frameworks within the region. The exchanges now face the challenge of meeting stringent compliance measures to maintain their services in the Philippine market.

Currently, there's a noticeable lack of official public responses from the named exchanges or their leadership. While CEOs haven't issued formal statements addressing the SEC's notice, online communities are buzzing with discussions regarding the potential consequences for Filipino cryptocurrency users. This regulatory crackdown could significantly affect access to crypto trading for Philippine residents and potentially impact overall market engagement.

This latest move by the Philippine SEC builds on a 2023 crackdown on the cryptocurrency market, which resulted in the geo-blocking of Binance. The current actions against these ten exchanges demonstrate a sustained focus on ensuring compliance within the sector. The ongoing situation underscores the evolving regulatory landscape in the Philippines and its implications for the global cryptocurrency market. For context, at 05:29 UTC on August 5th, 2025, Bitcoin (BTC) was priced at $114,401.48, boasting a market capitalization of $2.28 trillion and a market dominance of 60.78%, according to CoinMarketCap data. Trading volume reached $54.23 billion, representing a 12.36% change, with a 90-day price increase of 18.64%. Experts, like the Coincu research team, suggest a likely increase in regulatory scrutiny across the board.