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The Philippine SEC has blocked access to 10 major offshore crypto exchanges.
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These platforms were operating without licenses.
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Local crypto companies may benefit, but users are frustrated.
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This move is part of a broader crackdown in Southeast Asia.
Regulators Crack Down on Offshore Platforms
The Philippine Securities and Exchange Commission (SEC) has taken strong action against foreign crypto platforms. In a new advisory, the agency warned that exchanges like OKX, Bybit, KuCoin, Kraken, and others are operating illegally in the country without proper registration.
On Wednesday, many users trying to access these sites were met with a blocked page from PLDT, a major internet provider in the Philippines. The message cited violations of local laws.
New Rules for Crypto Services
These blocks come after new rules were introduced in June, requiring all crypto companies operating in the Philippines to register locally, disclose important details, and meet capital requirements. Companies that fail to do this risk being shut out of the market.
The SEC says the list of blocked platforms may grow, and it builds on earlier actions taken against Binance and others.
Pushback From the Community
While the SEC says this is about investor protection, many users are upset. Some believe the move favors local platforms unfairly and limits their access to better global services. On social media, users have accused the government of acting in a monopolistic way.
Luis Buenaventura, head of crypto at the local fintech app GCash, said the crackdown might not affect experienced users much, but could influence beginners who are just starting out with crypto.
A Shift Toward Local Platforms
Over time, the restrictions could push more users toward licensed and regulated crypto services based in the Philippines. Buenaventura said his company is focused on educating new users to reduce the risk of scams.
As Southeast Asia tightens crypto rules, countries like Thailand and Indonesia are also taking similar steps to limit the reach of unregistered platforms.
