The Philippine Securities and Exchange Commission (SEC) warned the public about the use of the platform, saying it could take action to operate without proper registration against crypto exchanges, including OKX, BYBIT and BITGET.
In a notice dated August 4th, the committee named MexC, Kucoin and Kraken as accessible without registering, and in some cases actively marketed the service to residents. Other platforms that it didn't identify say they are also active in the country.
The agency's rules regarding the Crypto sector came into effect on July 5th. Regulations require that businesses obtain the necessary approvals before providing crypto assets services, such as appropriate money laundering systems, suspicious transaction reports, and customer due diligence.
Last March, the agency blocked local access to Binance, the largest crypto exchange per volume, because it didn't have the required licenses. Binance does not have a license in the Philippines yet.
“Bitget acknowledges the Philippine SEC's recommendations and is actively evaluating the details,” Hong NG, the exchange's chief justice officer, told Coindesk. Bitget is committed to getting licensed in the market where it operates, Ng said.
OKX declined to comment.
Bybit, Mexc, Kucoin and Kraken did not respond to email requests for comments at each publishing time.
