The Philippines Securities and Exchange Commission (SEC) has issued a major advisory against 10 prominent crypto exchanges, including OKX, Bybit, KuCoin, Kraken, and others, for operating without proper registration. These platforms, the SEC says, are in violation of newly implemented regulations under Memorandum Circulars No. 4 and No. 5, which officially took effect this week.

The SEC warned that these exchanges—along with MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex—continue to offer crypto trading and investment services to Filipinos despite having no legal authorization to do so. The agency emphasized that these actions pose serious risks to local investors and are considered illegal under Philippine law.

The advisory also clarified that the list may grow as more unregistered platforms are identified. Under current rules, any entity promoting, facilitating, or offering access to crypto trading or derivative services must be registered with the SEC.

To enforce compliance, the SEC is preparing to file cease and desist orders and criminal complaints against violators. The regulator also plans to collaborate with tech giants like Google, Apple, and Meta to restrict these platforms’ marketing activities in the country. In fact, the SEC previously requested Google and Apple to remove Binance’s app from Philippine app stores over similar concerns.

This move is part of a broader regional trend. Thailand recently blocked access to five exchanges, including Bybit and OKX, while Indonesia increased crypto taxes, especially on foreign platforms. With Southeast Asia tightening control over digital asset markets, crypto exchanges operating without local licenses are now squarely in the regulatory crosshairs.