Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.
📬 Get the biggest crypto stories in the Philippines and Southeast Asia every week — subscribe to the BitPinas Newsletter.
The Philippines’ Securities and Exchange Commission (SEC PH) has flagged five more cryptocurrency platforms for providing crypto-related services to Filipinos without proper registration or licensing under the country’s new regulatory framework.
Key Details:
- The newly identified platforms are Blofin, CoinW, DigiFinex, LBank, and Pionex.
- According to the Commission, these platforms allow Filipino users to sign up using Philippine mobile numbers and accept payments in pesos, often through local banks or e-wallets.
- SEC also said none of the five entities are registered as Crypto-Asset Service Providers (CASPs) as required under SEC Memorandum Circular Nos. 4 and 5, Series of 2025.
The SEC issued this new advisory on August 20 as a follow-up to a previous notice dated August 1, where 10 other platforms were similarly flagged.
List of Crypto Exchanges Flagged
The SEC warned that using unregistered platforms may result in the total loss of funds and leave investors with no legal recourse.
Users may also be exposed to fraud, identity theft, market manipulation, and misuse of personal data, the regulator emphasized.
“The Commission underscores its mandate to protect Filipino investors and ensure that all entities engaging in crypto-asset activities comply with Philippine law.”
Securities and Exchange Commission (SEC)
SEC to Pursue Enforcement Actions
The Commission stated it will pursue enforcement actions such as cease and desist orders, website blocking, removal from app stores, and criminal complaints under Philippine securities laws.
Earlier this month, the SEC also named Bitget, OKX, Kraken, and seven other crypto exchanges for similar violations, triggering nationwide ISP-led website blocking. (Read more: SEC Flags 10 Unregistered Crypto Exchanges, Eyes Website Blocking)
SEC Clarification
SEC also issued a clarification in another press release, stating that the Commission does not prohibit crypto trading but rather requires any entity marketing these services to register:
In enforcing the CASP Rules, the SEC acts within its legal mandate to investigate and take action against unregistered entities, which may include measures to limit access to non-compliant platforms. These actions are designed to safeguard the public from risks such as fraud, loss of funds, and money laundering risks that often increase during periods of heightened market activity.
The SEC encourages both local and foreign platforms to register and comply with the CASP Rules. We recognize the importance of a free, competitive market, but one that is responsibly regulated to protect investors and support the sustainable growth of the crypto industry in the Philippines.
Securities and Exchange Commission
SEC Advisory in Full:
UNREGISTERED CRYPTO PLATFORMS CONTINUE TO TARGET FILIPINOS
Once again, the Securities and Exchange Commission (SEC) warns the public against engaging with unregistered entities and online platforms that offer crypto-asset services to Philippine residents without the required registration or authorization from the Commission. Under SEC Memorandum Circular No. 4, Series of 2025 (SEC CASP Rules) and SEC Memorandum Circular No. 5, Series of 2025 (CASP Guidelines), which took effect on 05 July 2025, these Rules apply to any person or entity that offers, promotes, or facilitates access to crypto-asset trading venues or intermediation services such as buying, selling, and derivatives trading of crypto-assets.
New List of Unregistered Platforms
The following entities have been identified as providing features that specifically enable access within the Philippine territory, such as options to register with a Philippine mobile number, accept Philippine Peso (PHP) through on-ramp methods (including banks or e-wallets), and make their platforms accessible within the country without securing the necessary registration and CASP license from the SEC,
This list is in addition to those previously identified by the SEC in its Advisory dated 1 August 2025. Other platforms with similar features designed to onboard Philippine users without registration shall likewise be considered in violation of Philippine securities laws and will be subject to enforcement action.
This list is not exhaustive. Other platforms offering similar services to the Philippine public without registration or SEC approval are likewise considered to be operating in violation of Philippine securities laws.
Investor Risks and Enforcement Actions
Engaging with unregistered platforms exposes the public to serious risks, including:
- Total loss of invested funds
- Absence of legal protection or recourse
- Exposure to fraud, identity theft, market manipulation, and misuse of personal data
- Increased vulnerability to money laundering and terrorist financing
The Commission reiterates that it shall take all necessary enforcement actions against violators, including:
- Issuance of Cease and Desist Orders (CDOs)
- Requests for blocking of access to websites and mobile applications
- Coordination with app stores and social media platforms to remove unauthorized platforms
- Filing of criminal complaints under the Securities Regulation Code (SRC) and the Financial Products and Services Consumer Protection Act (FCPA)
What the Public Should Do
- Do not invest or trade through platforms that are not registered with the SEC.
- Verify registration and licensing status of entities offering crypto-asset services through official SEC channels.
- Report unauthorized platforms to:
- [email protected] – Enforcement and Investor Protection Department
- [email protected] – For registration and licensing inquiries
The SEC will continue to issue updated Advisories as new unregistered entities are identified. The Commission underscores its mandate to protect Filipino investors and ensure that all entities engaging in crypto-asset activities comply with Philippine law.
Makati City, 20 August 2025.
This article is published on BitPinas: SEC Flags LBank, CoinW, and 3 Other Crypto Platforms for Operating Without Registration in PH
What else is happening in Crypto Philippines and beyond?
Other Articles
No Comment! Be the first one.