The Philippine SEC has cut off access to multiple foreign crypto exchanges, marking an escalation in enforcement against unregistered platforms operating within the country. According to a recent advisory, these platforms, including major names like OKX and Bybit, were warned for operating without the necessary licenses or registration. Users attempting to visit these sites were met with a block page indicating violations of local laws. This move follows the implementation of new regulations mandating crypto service providers to register with the SEC, meet minimum capital requirements, and adhere to strict disclosure protocols. While this crackdown could potentially benefit local exchanges by driving users towards compliant services, it has also sparked frustration among crypto users who accuse regulators of monopolistic behavior. As the crackdown progresses, local market participants are considering the implications, particularly for new users navigating the crypto space.

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