The Philippines – SEC cracks down on OKX, Bybit, Kraken citing ‘national security’
Main Idea
The Philippine SEC has issued warnings against unregistered crypto platforms, including OKX, Bybit, and Kraken, for operating without authorization and soliciting investments illegally.
Key Points
1. The Philippine SEC flagged ten crypto entities, including OKX, Bybit, and Kraken, for lacking proper licenses or registration to operate in the country.
2. The regulator cited violations of the SEC CASP Rules and Guidelines, which took effect on 5 July 2025, and warned against unauthorized promotions.
3. The SEC has requested Google and Apple to remove Binance’s app due to unregistered services, emphasizing the need for market integrity.
4. The Philippines is emerging as a fintech hub, with digital payments projected to reach $31.68 billion by 2025, involving over 65 million users.
Description
Why are OKX, Bybit, and Kraken under fire in the Philippines?
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