The Philippines Securities and Exchange Commission (SEC) said it can take steps towards crypto exchanges, including OKX, Bybit and Bitget for operation without appropriate registration and warned the public against using the platforms.
In a message dated August 4, the Commission also appointed Mexc, Kucoin and Kraken as being available without being registered and in some cases active marketing of their services to the residents. Other platforms that it did not identify are also active in the country, says it.
The agency’s rules of the crypto sector came into force on July 5. The rules require companies to have the necessary permission before offering crypto-active services, including appropriate anti-huge laundering systems, suspicious transaction reporting and the customer’s due diligence.
In March last year, the Agency blocked local access to Binance, the largest crypto exchange by volume so as not to have the necessary license. Binance does not yet have a license in the Philippines.
“Bitget recognizes the Filipino SEC’s advice and actively assesses the details,” Hon NG, Exchange’s Chief Legal Officer, told Coindesk. Bitget is obliged to get a license in markets where it operates, NG said.
OKX refused to comment.
Bybit, Mexc, Kucoin and Kraken had not responded to an E -Mail request for comment after publication time.
