Philippine SEC Cuts Access to Offshore Crypto Exchanges

Philippine regulators have moved to cut off access to nearly every major global crypto exchange with presence in the country, in a sweeping escalation of its crackdown on unregistered trading platforms.

In an advisory issued Monday, the Philippine SEC warned that foreign platforms offering crypto services to Philippine residents without registration are violating local law.

“These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public,” the advisory reads.

Crypto users in the country were greeted Wednesday morning with a branded block page when attempting to access the websites of several crypto exchanges listed in the SEC advisory, including OKX, MEXC, Bybit, KuCoin, Bitget, Kraken, CoinEx, Phemex, BitMart, and Poloniex.

The sites were no longer accessible through PLDT, one of the country’s largest internet service providers, with the blocked pages citing violations of local regulations.

It follows new rules enacted in June requiring all crypto service providers in the Philippines to register, disclose key information, and meet minimum capital thresholds.

Crackdowns on offshore crypto platforms are also picking up across Southeast Asia. In May, Thailand ordered blocks on five exchanges including Bybit and OKX, after an overhaul on P2P crypto platforms in April. Indonesia, meanwhile, has reportedly raised taxes on foreign platforms and tightened rules on unlicensed operators.

The SEC’s latest advisory builds on previous actions against Binance and other offshore platforms, but marks the most sweeping list of named violators to date. Officials warned that the list is “not exhaustive” and that more entities may be added.

While the impact on users unravels, local players are beginning to weigh the implications.

Crypto’s “untapped majority”

Luis Buenaventura, head of crypto at finance super app GCash, said the crackdown may not immediately drive traffic from seasoned users, but could shift momentum among first-timers.

“It’s important to remember that the existing crypto community in the Philippines is small relative to the rest of the population,” Buenaventura told Decrypt.

There is an “untapped majority, who are just getting started on their crypto journeys,” he said. This group is especially vulnerable to scams or loss due to inexperience, prompting their platform to focus on beginner education, he added.

Buenaventura acknowledged growing frustration among users in response to the enforcement actions. “What we’re seeing is a lot of community outrage, with accusations of monopolistic or protectionist agendas being thrown around,” he said.

Still, he said the shift will likely benefit local platforms as users gradually move to compliant services.

“If we want to earn the trust of the community, I’d say that “more” collaboration might not be the best answer for now.”