Philippine SEC Orders Access Block to Ten Major Crypto Exchanges

The Philippines' Securities and Exchange Commission (SEC) has escalated its enforcement strategy in the digital asset space, ordering local telecom providers to block access to ten unregistered cryptocurrency exchanges, including globally recognized platforms like OKX, KuCoin, and Kraken.

The move follows new regulations enacted under SEC Memorandum Circulars No. 4 and No. 5, which require all Virtual Asset Service Providers (VASPs) to register before offering services to Philippine residents. The circulars took effect on July 5, 2025.

The SEC said the named exchanges had failed to comply with registration rules while continuing to serve local users, placing investors at heightened risk. In a public advisory issued on August 1, the agency warned that using unregistered platforms may lead to fraud exposure and lack of consumer protection.

As of August 7, ISPs including Globe Telecom and PLDT began restricting access to the platforms, marking the first time the regulator has enforced compliance through digital infrastructure rather than warnings alone.

This move places the Philippines in line with other Southeast Asian regulators that have taken steps to curb unauthorized crypto activity, reflecting a broader regional effort to prevent capital outflows and enhance investor safeguards.