The Philippines SEC warns against 10 major crypto exchanges, including OKX, Bybit, KuCoin, Kraken, and others, for operating without required authorization under new crypto regulations. The platforms lack registration and expose Filipino investors to significant risk. Other flagged exchanges include MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex.

The SEC anticipates more crypto violators beyond the 10 mentioned in the advisory. Platforms offering similar services without proper registration are in violation of Philippine securities laws. The regulator plans to take legal and regulatory action, including cease and desist orders and criminal complaints, and will collaborate with tech platforms to restrict unauthorized marketing activities.

Southeast Asia is tightening rules on offshore exchanges. Indonesia and Thailand are also cracking down on unregistered crypto platforms. Thailand’s SEC blocked five exchanges, including Bybit and OKX, to combat illegal platforms and money laundering. Indonesia has increased crypto tax rates, with income tax on domestic exchange transactions rising to 0.21% and offshore platform trades facing a 1% tax.

Read more at Cointelegraph: Philippines SEC Flags 10 Crypto Exchanges for Violations