Manila, Philippines — The Securities and Exchange Commission (SEC) has issued a fresh Investor Alert warning the public against using several unregistered cryptocurrency trading platforms operating in the country. As crypto adoption continues to rise in the Philippines, the agency is tightening its efforts to protect the investing public from unauthorized digital asset services.
According to the SEC advisory released on August 1, 2025, at least 10 unlicensed crypto platforms are actively offering services to Filipino users despite not being registered with the SEC or licensed by the Bangko Sentral ng Pilipinas (BSP).
Unlicensed Crypto Exchanges Targeting Filipinos
Among those explicitly named by the SEC are:
- Kraken
- OKX
- KuCoin
- Bybit
- Poloniex
- Bitmart
The SEC emphasized that these platforms are operating without authority and are not allowed to solicit investments, advertise financial products, or offer crypto trading services to the public in the Philippines.
While only six were named, the SEC confirmed that a total of ten unregistered platforms are under investigation. The remaining four platforms were not identified in the public advisory.
Source: NoypiGeeks.com – “SEC warns Filipinos against using unregistered crypto platforms”
The Risk of Using Unregistered Platforms
Many of these unregistered exchanges are widely used across the globe. However, the SEC warns that operating in the Philippines without registration is a violation of local laws, and Filipino users engaging with these platforms do so at their own risk.
Why using unregistered exchanges is dangerous:
- No investor protection under Philippine financial regulations
- No legal recourse in case of platform failure, fraud, or hacking
- Non-compliance with anti-money laundering and consumer protection laws
- Increased risk of scams, fund loss, and fake investment schemes
Filipinos using these platforms may unknowingly violate local securities laws, especially if the platform is offering investment contracts disguised as crypto products.
Use Only Registered Exchanges in the Philippines
To stay safe and compliant, Filipinos are encouraged to use BSP-registered and SEC-recognized crypto platforms. Here are four legal and compliant options:
PDAX
A fully regulated local exchange is available on both mobile and web platforms. PDAX is also the backbone of GCrypto (inside the GCash app), giving it wider accessibility.
CoinsPH
One of the oldest and most widely used crypto platforms in the Philippines, CoinsPH is licensed and offers crypto trading, bills payments, and cash-in options.
GCrypto
Accessible via GCash, GCrypto is ideal for new users. It uses PDAX’s backend infrastructure and is regulated under the same standards.
Maya Crypto
Part of Maya’s digital financial ecosystem. It supports basic crypto trading, though it currently lacks send and receive features.
How to Check if a Crypto Platform is Legal
Before creating an account or funding any crypto wallet, always:
- Check the SEC and BSP official websites for updated lists of registered virtual asset service providers
- Be cautious of platforms promising high returns or guaranteed profits
- Avoid platforms heavily promoted by influencers without regulatory disclosures
- Look for platforms with Philippine-based support, licenses, and real-world integrations
Final Thoughts
The SEC’s latest advisory is a wake-up call for Filipino investors and crypto enthusiasts. While international platforms like Kraken, OKX, and Bybit offer attractive features, they are not legally allowed to operate in the country.
Filipinos should act with caution and switch to local, licensed platforms to protect their assets, stay compliant, and help build a safer crypto ecosystem in the country.
When in doubt, check before you trade.
