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Concerns over investor safety have prompted Infrawatch to appeal to the Securities and Exchange Commission (SEC) to stop OKX and Bitget, two popular cryptocurrency exchanges, from operating in the Philippines without proper registration.
The call to action aims to shield Filipinos from potential financial risks associated with unregistered securities. Infrawatch’s move highlights the need for robust regulations in the country’s burgeoning cryptocurrency market.
A Precedent for Regulation
In 2020, the SEC demonstrated its commitment to protecting investors by issuing a cease and desist order against Forsage, a crowdfunding platform. This decisive action shows the commission’s willingness to intervene when necessary.
Current Concerns
OKX and Bitget’s alleged unregistered status raises red flags. If left unchecked, Filipino investors may face significant financial exposure. The SEC’s investigation and potential cease and desist order would provide critical protection.
Broader Implications
The outcome may reshape the Philippine cryptocurrency landscape. Stricter regulations could emerge, impacting the growth and adoption of digital assets nationwide.
As the SEC deliberates, investors and stakeholders eagerly await the decision. Will the commission safeguard investor interests and set a new regulatory standard?
Only time will tell, but one thing is certain – the future of cryptocurrency trading in the Philippines hangs in the balance.
Infrawatch is also the group that have called for SEC’s help to stop Binance’s operation in the Philippines.
