The Philippines Securities and Exchange Commission (SEC) said that it could take measures against crypto exchanges, in particular OKX, Bybit and Bitget to operate without appropriate and warned the public against the use of platforms.
In an opinion dated August 4, the Commission also appointed Mexc, Kucoin and Kraken as being accessible without being registered and, in some cases, actively marketing their services to residents. Other platforms that he has not identified are also active in the country, he said.
The rules of the agency for the cryptography sector entered into force on July 5. The regulations oblige companies to have the necessary authorization before providing cryptographic asset services, including anti-money laundering systems, suspicious transaction reports and reasonable diligence of customers.
In March of last year, the agency blocked local access to Binance, the greatest exchange of crypto in volume so as not to have the necessary license. Binance has no license in the Philippines yet.
“Bitget recognizes the SEC Council Philippine and actively assesses the details,” the legal director of exchange told Coindesk. Bitget undertakes to obtain a license in the markets where it works, said NG.
OKX refused to comment.
Bybit, Mexc, Kucoin and Kraken had not responded to a request for comments sent by e-mail in publication.
