In a sweeping move to tighten control over the country’s digital asset ecosystem, the Philippines Securities and Exchange Commission (SEC) has directed major telecom providers to block access to a list of ten unregistered cryptocurrency exchanges. This enforcement action follows the implementation of SEC Memorandum Circulars No. 4 and No. 5, which took effect on July 5, 2025. These circulars establish strict requirements for Virtual Asset Service Providers (VASPs), including the need to register with the SEC before operating or offering services to Philippine residents.
On August 1, 2025, the SEC issued a public advisory identifying the offending platforms, which include prominent global exchanges such as OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex. According to the regulator, these exchanges have continued to market to and serve Filipino investors without securing proper authorization, thus violating the country’s financial regulations.
The SEC’s advisory emphasizes that engaging with unregistered exchanges exposes investors to significant risks, including fraud, lack of legal recourse, and non-compliance with anti-money laundering laws. The crackdown represents one of the most aggressive regulatory moves in Southeast Asia and reflects the Philippine government’s growing concern over illicit finance and the protection of retail investors.
Telecom Giants Enforce Access Restrictions
The enforcement mechanism came into clear effect by August 7, when telecom giants Globe Telecom and PLDT began blocking local access to the flagged platforms. Users attempting to access these websites have since encountered server errors or failed connection messages, indicating that the directive has been implemented at the ISP level.
This marks the first time that Philippine regulators have coordinated with telecommunications firms to restrict digital access to crypto platforms, signaling a new era of enforcement that extends beyond regulatory advisories and into technical implementation.
The move is aligned with a broader trend in Southeast Asia, where regulators in Thailand, Indonesia, and Malaysia have similarly clamped down on unlicensed offshore platforms. These coordinated actions aim to strengthen domestic regulatory oversight, prevent capital flight, and curb illicit activity in the digital asset space.
According to SEC officials, the newly enacted framework is designed not to stifle innovation but to ensure that all participants in the digital finance ecosystem operate on a level playing field with proper consumer protections in place. The Commission has stated that crypto exchanges seeking to operate in the Philippines must register and meet transparency, cybersecurity, and risk management standards.
Regulatory Landscape Set to Tighten Further
More enforcement actions are expected in the coming months as the SEC continues to audit unregistered platforms and monitor compliance. Meanwhile, the Commission has urged Filipino investors to exercise caution and verify whether a platform is licensed through the official SEC website before trading.
As digital asset adoption continues to grow in the Philippines, regulators are positioning themselves to ensure that innovation does not come at the cost of investor safety and national financial stability. The ongoing crackdown underscores the government’s commitment to establishing a secure and compliant digital finance environment.
