The Bag and Securities Commission of the Philippines (SEC) said it can take measures against cryptography exchanges, including OKX, Bybit and Bitget to operate without the appropriate record and warned the public that they do not use the platforms.
In a notice of August 4, the commission also called Mexc, Kucoin and Kraken as accessible without being registered and, in some cases, actively marketing their services to residents. Other platforms that did not identify are also active in the country, he said.
The rules of the Cryptographic Sector agency entered into force on July 5. Regulations require companies to have the necessary authorization before offering cryptographic asset services, including appropriate money laundering systems, suspicious transactions reports and due diligence of the client.
In March of last year, the agency blocked the local access to Binance, the largest cryptographic exchange by volume for not having the necessary license. Binance does not yet have a license in the Philippines.
“Bitget acknowledges the advice of the Ph Filipinas and is actively evaluating the details,” said Hon NG, legal director of the exchange, to Coindesk. Bitget undertakes to obtain a license in the markets where he operates, said NG.
OKX declined to comment.
Bybit, Mexc, Kucoin and Kraken had not responded to a request by email of comments per hour of publication.
