SEC flags more unregistered cryptocurrency platforms

August 25, 2025 | 12:00am

MANILA, Philippines — The Securities and Exchange Commission (SEC) has flagged more unregistered cryptocurrency platforms targeting Filipinos.

The SEC has issued an advisory against five unregistered crypto platforms, namely Blofin, CoinW, DigiFinex, LBank and Pionex.

These entities have been identified as providing features that specifically enable access within Philippine territory.

Such features include options to register with a Philippine mobile number and accept Philippine peso through on-ramp methods including banks or e-wallets.

The SEC said the platforms have not secured the necessary registration and crypto-asset service provider license from the agency.

The list is in addition to those previously identified by the SEC in its advisory earlier this month which cited OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex and Kraken as unregistered crypto platforms.

“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,” the commission said.

The SEC is warning 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.

It said that engaging with unregistered platforms exposes the public to serious risks, such as total loss of invested funds, absence of legal protection or recourse and increased vulnerability to money laundering and terrorist financing.

It also exposes them to fraud, identity theft, market manipulation and misuse of personal data.

The SEC said that it will take all necessary enforcement actions against violators, including issuance of cease and desist orders and filing of criminal complaints.

It will also request for blocking of access to websites and mobile applications as well as coordinate with app stores and social media platforms to remove unauthorized platforms.

“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,” it said.