365Crypto
SEC Drops the Hammer
The Philippines Securities and Exchange Commission (SEC) isn’t playing around. It just called out 10 major crypto exchanges for breaking the rules. OKX, Bybit, KuCoin, Kraken and others were named for operating without permission.
No License, No Business
These platforms have no local license under the country’s new crypto rules. That includes SEC Circulars No. 4 and 5, which just took effect. The SEC warned these exchanges are putting Filipinos at serious financial risk.
More Than Just Warnings
The SEC said it might file criminal complaints. It could even issue cease and desist orders. It plans to ask Google, Apple, and Meta to ban these apps from local markets. They’ve done it before — Binance was already kicked out last year.
Not Just the Philippines
Other Southeast Asian nations are doing the same. Thailand recently blocked OKX and Bybit. Indonesia hiked crypto taxes. Looks like the neighborhood’s getting tougher on offshore exchanges.
Footnote: SEC (Securities and Exchange Commission) regulates financial markets. Circulars are official policy documents.
