The Philippines Securities and Exchange Commission (SEC) has flagged 10 major crypto exchanges, including OKX, Bybit, KuCoin, and Kraken, for operating without required authorization. In a recent advisory, the SEC warned that these platforms are promoting crypto services to Filipino users despite lacking registration under new regulations effective July 5, 2025. This situation exposes local investors to significant risks. The list of flagged exchanges also includes MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex, many of which maintain an active marketing presence in the country. The SEC plans to pursue legal actions, including cease and desist orders, and work with tech platforms to restrict unauthorized services. This crackdown reflects a broader trend in Southeast Asia, where countries like Indonesia and Thailand are tightening regulations on unregistered exchanges. The Philippine SEC has emphasized that other platforms not mentioned in the advisory may also be violating securities laws. Investors are advised to proceed with caution and verify the legitimacy of platforms before engaging in transactions.

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