Philippine SEC Announces List of Illegal Crypto Exchanges

[Suba]

According to sec.gov.ph, the Philippine Securities and Exchange Commission recently issued official warnings to ten prominent global crypto exchanges deemed to have violated regulations for not having a registration permit/license to operate in the Philippines. Some of the well-known global exchanges include Kucoin, Kraken, Bybit, Bitget, Mexc, OKX, Poloniex, Phemex, Coinex, and Bitmart.

According to the Philippine SEC, this regulation will take effect next week to protect domestic investors and prevent money laundering. The SEC also emphasized that crypto exchanges that do not have operating permits will face immediate criminal action. The Philippine SEC has also collaborated with several platforms, including Google Play Store, Apple, and MetaTrader, primarily to limit the illegal promotion of crypto exchange apps.

 

[magnus2022]

I think the Phillipines are taking the right step! Countries like Nigeria should also take a definite stand on cryptocurrency. Keeping mute is more dangerous and economic stupidy. Nigeria government is losing millions of dollars from cryptocurrency on daily basis.