The Securities and Exchange Commission (SEC) has raised the alarm over a growing number of unregistered cryptocurrency platforms actively targeting Filipino users. In a recent advisory, the SEC warned the public against using online crypto services that lack proper registration and licensing in the Philippines, stressing that such platforms pose serious risks to investors and the financial system.
The regulator identified new platforms—Blofin, CoinW, DigiFinex, LBank, and Pionex—that offer features such as Philippine peso on-ramp options and account registration via local mobile numbers, making them accessible to Filipinos despite lacking the required Crypto Asset Service Provider (CASP) license.
These names add to a previously flagged list that included Binance, OKX, Bybit, KuCoin, and Kraken, among others, which have faced geo-blocking measures following SEC findings.
The SEC emphasized that engaging with these unregistered entities could lead to total loss of funds, fraud, identity theft, and exposure to money laundering and terrorist financing. Under Philippine law, virtual asset providers must adhere to stringent anti-money laundering controls, including customer due diligence and transaction monitoring.
The SEC clarified that its regulations, which took effect on 5 July, do not ban crypto trading or investment, but require platforms to register and comply with safeguards to protect investors and maintain market integrity. It vowed continued enforcement to restrict access to non-compliant platforms and shield the public from escalating risks during periods of market volatility.
