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{"actor":"system:backfill","investigation_id":"78e21ab8-0078-481e-929f-fe389239af72","kind":"publish","page_slug":"philippines-sec-multi-exchange-unlicensed-operations-enforcement","published_at":"2026-07-02T23:36:28.688Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Philippines SEC — Multi-Exchange Unlicensed Operations Enforcement","sections":[{"content":"The Philippine Securities and Exchange Commission issued a public advisory on or around August 4, 2025, publicly naming ten cryptocurrency exchanges — OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex — for operating in the Philippines without registration or authorization under the newly enacted Crypto Asset Service Provider (CASP) Rules. The SEC stated: 'These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public.' The regulator noted that these platforms continued to target Filipino users through social media and digital advertising despite lacking proper authorization. The enforcement action represents the largest coordinated blocking of crypto platforms to date under the Philippine CASP framework, covering ten major global exchanges with combined user bases in the hundreds of millions worldwide.","heading":"Overview of Enforcement Action","severity":"high","sources":[{"credibility":1,"name":"Philippines SEC Cracks Down on Unregistered Crypto Exchanges, Names Bybit, OKX, Bitget — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/08/06/philippines-sec-cracks-down-on-unregistered-crypto-exchanges-as-new-rules-kick-in"},{"credibility":2,"name":"Philippines blocks 10 crypto exchanges, Bybit and Bitget blacklisted — IDNFinancials","type":"news_article","url":"https://www.idnfinancials.com/news/56446/philippines-blocks-10-crypto-exchanges-bybit-and-bitget-blacklisted"},{"credibility":2,"name":"Philippine SEC cracks down on unregistered crypto platforms — CoinGeek","type":"news_article","url":"https://coingeek.com/philippine-sec-cracks-down-on-unregistered-crypto-platforms/"},{"credibility":2,"name":"Philippines SEC Targets Major Crypto Exchanges in Regulatory Crackdown — Brave New Coin","type":"news_article","url":"https://bravenewcoin.com/insights/philippines-sec-targets-major-crypto-exchanges-in-regulatory-crackdown"}]},{"content":"The enforcement is grounded in SEC Memorandum Circular No. 4 (CASP Rules) and SEC Memorandum Circular No. 5 (CASP Guidelines), Series of 2025, both of which took effect on July 5, 2025. These circulars apply to any person or entity — domestic or foreign — that offers, promotes, or facilitates access to crypto-asset trading venues or intermediation services to users in the Philippines. Key requirements include: registration as a Philippine stock corporation; minimum paid-up capital of PHP 100 million (approximately USD 1.8 million) in cash or property, excluding crypto-assets; a physical office appropriately staffed during regular business hours; mandatory segregation of customer crypto-assets from the CASP's own assets; anti-money laundering systems; suspicious transaction reporting; and customer due diligence procedures. An initial filing fee of PHP 50,000 applies. The SEC clarified in a subsequent August 14, 2025 advisory that cryptocurrency trading itself is not prohibited — only the operation of unregistered service providers is restricted. The CASP framework is administered by the SEC, which holds jurisdiction over securities and investment products, while the Bangko Sentral ng Pilipinas (BSP) separately regulates virtual asset service providers (VASPs) under its own framework.","heading":"Regulatory Framework: CASP Rules and Guidelines","severity":"medium","sources":[{"credibility":1,"name":"SEC CASP Rules and Guidelines (MC No. 5, Series of 2025) — Babylon2k PDF","type":"regulatory","url":"https://babylon2k.org/wp-content/uploads/2025/06/2025-SEC-MC-No.-5-S.-of-2025-The-SEC-Guidelines-on-the-Operations-of-Crypto-Assets-Service-Providers-CASP-Guidelines-2.pdf"},{"credibility":2,"name":"SEC Sets Effectivity Date of CASP Rules — BitPinas","type":"news_article","url":"https://bitpinas.com/regulation/sec-crypto-rules-date/"},{"credibility":2,"name":"SEC Clarifies CASP Rules: Crypto Trading Not Prohibited, But Registration Now Mandatory — BitPinas","type":"news_article","url":"https://bitpinas.com/regulation/sec-clarifies/"},{"credibility":2,"name":"SEC Tightens Rules on Crypto Asset Service Providers in the Philippines — Aurea Da Law","type":"other","url":"https://www.aureadalaw.com/post/sec-tightens-rules-on-crypto-asset-service-providers-in-the-philippines"},{"credibility":2,"name":"Philippines: SEC Issues Rules and Guidelines on CASP — Baker McKenzie InsightPlus","type":"other","url":"https://insightplus.bakermckenzie.com/bm/technology-media-telecommunications_1/philippines-sec-issues-rules-and-guidelines-on-crypto-asset-service-providers-casp"}]},{"content":"Following the SEC advisory and a directive issued by the National Telecommunications Commission (NTC), PLDT Inc. and its wireless subsidiary Smart Communications restricted access to all ten named exchanges on their networks. The blocks were reported as active by August 11–12, 2025. Subscribers attempting to access the blocked domains are redirected to a branded block page citing violations of local regulations. PLDT First Vice President Roby Alampay stated: 'We work closely with our government regulators in protecting Filipinos from potential threats. Upon receipt of the order from the NTC, we restricted access to these identified websites.' Smart Communications' Cyber Security Operations Group noted it blocked over 100 billion attempts to access malicious domains in the first half of 2025, situating the crypto exchange blocks within a broader anti-fraud posture. Globe Telecom also reportedly participated in blocking. The SEC additionally announced coordination with Google, Apple, Meta, and TikTok to remove unauthorized marketing and delist mobile applications associated with non-compliant exchanges from Philippine app store listings.","heading":"ISP Blocking and Technical Enforcement","severity":"high","sources":[{"credibility":2,"name":"PH Telcos Block Unregistered Crypto Platforms on SEC Order — CoinGeek","type":"news_article","url":"https://coingeek.com/ph-telcos-block-unregistered-crypto-platforms-on-sec-order/"},{"credibility":2,"name":"PLDT, Smart Block Access to 10 Crypto Exchanges After SEC Advisory — Newsbytes PH","type":"news_article","url":"https://newsbytes.ph/2025/08/11/pldt-smart-block-access-to-10-crypto-exchanges-after-sec-advisory/"},{"credibility":2,"name":"PLDT Blocks Access to Illegal Crypto Sites — Philstar","type":"news_article","url":"https://www.philstar.com/business/2025/08/12/2464772/pldt-blocks-access-illegal-crypto-sites"},{"credibility":2,"name":"Philippines ISPs Block Major Crypto Exchanges Over Licensing Rules — Live Bitcoin News","type":"news_article","url":"https://www.livebitcoinnews.com/philippines-isps-block-major-crypto-exchanges-over-licensing-rules/"}]},{"content":"The SEC warned that Filipino investors using unregistered platforms face a specific set of risks including: total loss of funds in the event of platform insolvency or collapse; absence of legal recourse in Philippine courts for any dispute or loss arising from transactions on unlicensed platforms; exposure to fraud, identity theft, and market manipulation; and potential exploitation for money laundering and terrorist financing. The SEC framed the enforcement partly in national security terms, citing unregistered platforms as vectors for money laundering and terrorist financing risks. Users whose funds are held on blocked platforms cannot access them via standard web browsers on Philippine ISPs without using VPNs or alternative access methods, the legality of which under Philippine law is not addressed in available sources. The SEC argued in a August 29, 2025 statement that investors had sufficient time to withdraw funds before enforcement actions were taken, though this has been contested by affected users. Philippine law provides no statutory protection for funds held on unregistered platforms, meaning losses cannot be claimed under the country's investor protection schemes.","heading":"Risks to Filipino Users","severity":"critical","sources":[{"credibility":2,"name":"Philippines SEC Blocks 10 Crypto Exchanges — Are Your Funds at Risk? — CCN","type":"news_article","url":"https://www.ccn.com/education/crypto/philippines-sec-bans-crypto-exchanges-funds-risk-explained/"},{"credibility":2,"name":"SEC Defends Blocking of Unregistered Crypto Exchanges, Cites Ample Warning for Filipinos — BitPinas","type":"news_article","url":"https://bitpinas.com/regulation/sec-defends-blocking/"},{"credibility":3,"name":"Philippines SEC Crypto Blacklist 2025: Exchanges Blocked and What It Means for Traders — Libpa.org","type":"news_article","url":"https://libpa.org/philippines-sec-crypto-blacklist-2025-exchanges-blocked-and-what-it-means-for-traders"}]},{"content":"As of August 2025, the responses from named exchanges varied. Bitget's Chief Legal Officer Hon Ng stated that 'Bitget acknowledges the Philippine SEC's advisory and is actively assessing the details,' confirming a commitment to obtaining licensure. OKX declined to comment. Bybit, MEXC, KuCoin, and Kraken had not responded by publication deadlines of major outlets covering the August 2025 advisory. No exchange from the original ten had publicly announced successful CASP registration with the Philippine SEC as of the reporting period covered by available sources. The SEC's list is described as non-exhaustive, indicating additional exchanges may be added over time. This is consistent with subsequent events: in December 2025, the BSP-backed NTC issued a separate order blocking approximately 50 platforms, including Coinbase and Gemini, under the BSP's VASP framework, demonstrating continued and expanding enforcement across both SEC and BSP jurisdictions.","heading":"Exchange Responses and Compliance","severity":"high","sources":[{"credibility":1,"name":"Philippines SEC Cracks Down on Unregistered Crypto Exchanges, Names Bybit, OKX, Bitget — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/08/06/philippines-sec-cracks-down-on-unregistered-crypto-exchanges-as-new-rules-kick-in"},{"credibility":2,"name":"Philippines Blocks Coinbase, Gemini: 50 Platforms Hit in Major Regulatory Crackdown — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/philippines-blocks-coinbase-gemini-50-162806278.html"},{"credibility":2,"name":"Coinbase and Gemini Blocked in the Philippines Amid Crackdown on Unregistered Exchanges — CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/coinbase-gemini-blocked-philippines/"}]},{"content":"The August 2025 enforcement action is not the first of its kind in the Philippines. The Philippine SEC warned the public against using Binance as early as November 2023, issued a 90-day compliance ultimatum in December 2023, and proceeded to block Binance — the world's largest exchange by trading volume at the time — in March 2024 through NTC directives to ISPs. Google and Apple subsequently removed the Binance app from Philippine app store listings at the SEC's request. Binance did not hold a Philippine license as of reporting in 2025. The SEC also previously coordinated with the NTC to block OctaFX and MiTrade in February 2024. This enforcement pattern demonstrates that the Philippines has a consistent, escalating approach to blocking access to unlicensed financial platforms, with the August 2025 action representing a significant expansion in both scale and regulatory basis compared to prior individual actions.","heading":"Regulatory Precedent: Binance and Prior Actions","severity":"medium","sources":[{"credibility":1,"name":"Philippines' SEC Proceeds With Blocking Access to Binance — Bloomberg Law","type":"news_article","url":"https://news.bloomberglaw.com/daily-tax-report-international/philippines-sec-proceeds-with-blocking-access-to-binance"},{"credibility":1,"name":"Binance Blocked by Philippines Securities Watchdog — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2024/03/25/binance-blocked-by-philippines-securities-watchdog"},{"credibility":2,"name":"Philippines Are Left Without Withdrawal Options as SEC Blocks Binance — CryptoNews","type":"news_article","url":"https://cryptonews.com/news/philippines-are-left-without-withdrawal-options-as-sec-blocks-binance/"}]},{"content":"Under the Securities Regulation Code and the Financial Products and Services Consumer Protection Act, the Philippine SEC may pursue cease and desist orders, administrative fines, and criminal complaints against violators of the CASP framework. Criminal penalties for willful violations include imprisonment of one to five years and fines of PHP 50,000 to PHP 10 million. The SEC has stated it will continue to pursue legal action against CASP rule violators. Criminal complaints may be filed against individuals associated with platforms found to be soliciting investments or operating trading services in the Philippines without authorization. The SEC noted it plans to coordinate with the Department of Justice on potential criminal referrals, though no specific criminal complaint filings against the ten named exchanges had been publicly reported in available sources as of the covered reporting period.","heading":"Legal Penalties for Non-Compliance","severity":"high","sources":[{"credibility":2,"name":"SEC Tightens Rules on Crypto Asset Service Providers in the Philippines — Aurea Da Law","type":"other","url":"https://www.aureadalaw.com/post/sec-tightens-rules-on-crypto-asset-service-providers-in-the-philippines"},{"credibility":2,"name":"Crypto-assets in the Philippines 2025 SEC CASP Rules and Guidelines — Abo Law Firm","type":"other","url":"https://abolawfirm.ph/crypto-assets-in-the-philippines-2025-sec-casp-rules-and-guidelines/"},{"credibility":2,"name":"PH Telcos Block Unregistered Crypto Platforms on SEC Order — CoinGeek","type":"news_article","url":"https://coingeek.com/ph-telcos-block-unregistered-crypto-platforms-on-sec-order/"}]},{"content":"The Philippines enforcement action is a distinct and significant Asia-Pacific regulatory risk event, separate from EU-focused MiCA (Markets in Crypto-Assets Regulation). The Philippines has an estimated 12 million crypto users projected by 2026 and over 65 million digital wallet users, making it one of Southeast Asia's largest crypto markets. The simultaneous blocking of ten major global exchanges — several of which are also subject to regulatory scrutiny in other jurisdictions — concentrates access-disruption risk for Filipino users. The enforcement demonstrates that jurisdictional risk is not limited to Western markets: exchanges facing simultaneous CASP non-compliance in the Philippines, alongside other regulatory pressures globally, carry compounded access-risk for users in multiple geographies. The SEC's stated coordination with social media platforms (Google, Apple, Meta, TikTok) to remove apps and advertising adds a layer of enforcement that goes beyond ISP-level blocks and could affect mobile-first users who rely on app-based access.","heading":"Asia-Pacific Regulatory Risk Significance","severity":"high","sources":[{"credibility":2,"name":"Philippines cracks down on unregistered crypto exchanges — Digital Watch Observatory","type":"news_article","url":"https://dig.watch/updates/philippines-cracks-down-on-unregistered-crypto-exchanges"},{"credibility":2,"name":"Philippines SEC Blocks 10 Crypto Exchanges Including OKX, Bybit, and KuCoin — BSC News","type":"news_article","url":"https://bsc.news/post/philippines-sec-blocks-crypto-exchanges"},{"credibility":2,"name":"The Philippines SEC Cracks Down on OKX, Bybit, Kraken Citing National Security — AMBCrypto","type":"news_article","url":"https://ambcrypto.com/the-philippines-sec-cracks-down-on-okx-bybit-kraken-citing-national-security/"}]}],"sources_used":[{"credibility":1,"name":"Philippines SEC Cracks Down on Unregistered Crypto Exchanges, Names Bybit, OKX, Bitget — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/08/06/philippines-sec-cracks-down-on-unregistered-crypto-exchanges-as-new-rules-kick-in"},{"credibility":1,"name":"Philippines' SEC Proceeds With Blocking Access to Binance — Bloomberg Law","type":"news_article","url":"https://news.bloomberglaw.com/daily-tax-report-international/philippines-sec-proceeds-with-blocking-access-to-binance"},{"credibility":1,"name":"Binance Blocked by Philippines Securities Watchdog — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2024/03/25/binance-blocked-by-philippines-securities-watchdog"},{"credibility":1,"name":"SEC CASP Rules and Guidelines (MC No. 5, Series of 2025) — PDF","type":"regulatory","url":"https://babylon2k.org/wp-content/uploads/2025/06/2025-SEC-MC-No.-5-S.-of-2025-The-SEC-Guidelines-on-the-Operations-of-Crypto-Assets-Service-Providers-CASP-Guidelines-2.pdf"},{"credibility":2,"name":"PH Telcos Block Unregistered Crypto Platforms on SEC Order — CoinGeek","type":"news_article","url":"https://coingeek.com/ph-telcos-block-unregistered-crypto-platforms-on-sec-order/"},{"credibility":2,"name":"Philippines blocks 10 crypto exchanges, Bybit and Bitget blacklisted — IDNFinancials","type":"news_article","url":"https://www.idnfinancials.com/news/56446/philippines-blocks-10-crypto-exchanges-bybit-and-bitget-blacklisted"},{"credibility":2,"name":"PLDT, Smart Block Access to 10 Crypto Exchanges After SEC Advisory — Newsbytes PH","type":"news_article","url":"https://newsbytes.ph/2025/08/11/pldt-smart-block-access-to-10-crypto-exchanges-after-sec-advisory/"},{"credibility":2,"name":"PLDT Blocks Access to Illegal Crypto Sites — Philstar","type":"news_article","url":"https://www.philstar.com/business/2025/08/12/2464772/pldt-blocks-access-illegal-crypto-sites"},{"credibility":2,"name":"SEC Defends Blocking of Unregistered Crypto Exchanges — BitPinas","type":"news_article","url":"https://bitpinas.com/regulation/sec-defends-blocking/"},{"credibility":2,"name":"SEC Clarifies CASP Rules: Crypto Trading Not Prohibited — BitPinas","type":"news_article","url":"https://bitpinas.com/regulation/sec-clarifies/"},{"credibility":2,"name":"SEC Sets Effectivity Date of CASP Rules — BitPinas","type":"news_article","url":"https://bitpinas.com/regulation/sec-crypto-rules-date/"},{"credibility":2,"name":"Philippines Blocks Coinbase, Gemini: 50 Platforms Hit — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/philippines-blocks-coinbase-gemini-50-162806278.html"},{"credibility":2,"name":"Coinbase and Gemini Blocked in the Philippines — CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/coinbase-gemini-blocked-philippines/"},{"credibility":2,"name":"Philippine SEC cracks down on unregistered crypto platforms — CoinGeek","type":"news_article","url":"https://coingeek.com/philippine-sec-cracks-down-on-unregistered-crypto-platforms/"},{"credibility":2,"name":"Philippines cracks down on unregistered crypto exchanges — Digital Watch Observatory","type":"news_article","url":"https://dig.watch/updates/philippines-cracks-down-on-unregistered-crypto-exchanges"},{"credibility":2,"name":"Philippines SEC Targets Major Crypto Exchanges — Brave New Coin","type":"news_article","url":"https://bravenewcoin.com/insights/philippines-sec-targets-major-crypto-exchanges-in-regulatory-crackdown"},{"credibility":2,"name":"Philippines SEC Cracks down on Unregistered Offshore Crypto Exchanges — Tekedia","type":"news_article","url":"https://www.tekedia.com/philippines-sec-cracks-down-on-unregistered-offshore-crypto-exchanges/"},{"credibility":2,"name":"The Philippines SEC Cracks Down on OKX, Bybit, Kraken Citing National Security — AMBCrypto","type":"news_article","url":"https://ambcrypto.com/the-philippines-sec-cracks-down-on-okx-bybit-kraken-citing-national-security/"},{"credibility":2,"name":"SEC Tightens Rules on Crypto Asset Service Providers — Aurea Da Law","type":"other","url":"https://www.aureadalaw.com/post/sec-tightens-rules-on-crypto-asset-service-providers-in-the-philippines"},{"credibility":2,"name":"Crypto-assets in the Philippines 2025 SEC CASP Rules and Guidelines — Abo Law Firm","type":"other","url":"https://abolawfirm.ph/crypto-assets-in-the-philippines-2025-sec-casp-rules-and-guidelines/"},{"credibility":2,"name":"Philippines: SEC Issues Rules on CASP — Lexology","type":"other","url":"https://www.lexology.com/library/detail.aspx?g=94cc5cab-0055-42e9-bb5c-55abf647a324"},{"credibility":2,"name":"SEC says no ban on crypto trading — BusinessWorld Online","type":"news_article","url":"https://bworldonline.com/corporate/2025/08/18/692095/sec-says-no-ban-on-crypto-trading/"},{"credibility":2,"name":"Philippines SEC Blocks 10 Crypto Exchanges — Are Your Funds at Risk? — CCN","type":"news_article","url":"https://www.ccn.com/education/crypto/philippines-sec-bans-crypto-exchanges-funds-risk-explained/"},{"credibility":2,"name":"Philippines Are Left Without Withdrawal Options as SEC Blocks Binance — CryptoNews","type":"news_article","url":"https://cryptonews.com/news/philippines-are-left-without-withdrawal-options-as-sec-blocks-binance/"},{"credibility":2,"name":"Philippines SEC Blocks Access to 10 Crypto Exchanges Including OKX, Bybit, and KuCoin — BSC News","type":"news_article","url":"https://bsc.news/post/philippines-sec-blocks-crypto-exchanges"}],"summary":"In August 2025, the Philippine Securities and Exchange Commission (SEC) issued public advisories naming ten major global cryptocurrency exchanges — OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex — as operating without mandatory Crypto Asset Service Provider (CASP) registration, and directed the National Telecommunications Commission (NTC) to instruct ISPs PLDT and Smart Communications to block access to these platforms. The action follows the July 5, 2025 effectivity of SEC Memorandum Circulars No. 4 and No. 5 (Series of 2025) which established the CASP regulatory framework. Filipino users of these platforms face inability to access funds through local ISPs, no legal recourse in Philippine courts, and exposure to fraud without regulatory protection.","timeline":[{"date":"2023-11-01","event":"Philippine SEC warns the public against using Binance, citing unlicensed operations.","source":"Bloomberg Law","source_url":"https://news.bloomberglaw.com/daily-tax-report-international/philippines-sec-proceeds-with-blocking-access-to-binance"},{"date":"2023-12-01","event":"Philippine SEC issues 90-day compliance ultimatum to Binance.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2024/03/25/binance-blocked-by-philippines-securities-watchdog"},{"date":"2024-02-01","event":"Philippine SEC coordinates with NTC to block OctaFX and MiTrade for unlicensed operations.","source":"CoinGeek","source_url":"https://coingeek.com/philippine-sec-cracks-down-on-unregistered-crypto-platforms/"},{"date":"2024-03-25","event":"Philippine SEC blocks Binance via NTC directive to ISPs; Google and Apple remove Binance app from Philippine stores.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2024/03/25/binance-blocked-by-philippines-securities-watchdog"},{"date":"2025-02-05","event":"Philippine SEC issues draft CASP Rules and Guidelines for public comment.","source":"Baker McKenzie InsightPlus","source_url":"https://insightplus.bakermckenzie.com/bm/technology-media-telecommunications_1/philippines-sec-issues-rules-and-guidelines-on-crypto-asset-service-providers-casp"},{"date":"2025-06-11","event":"Philippine SEC unveils finalized CASP regulations (SEC Memorandum Circulars No. 4 and No. 5, Series of 2025).","source":"Manila Bulletin","source_url":"https://mb.com.ph/2025/06/11/sec-unveils-sweeping-new-crypto-regulations"},{"date":"2025-07-05","event":"SEC Memorandum Circulars No. 4 and No. 5, Series of 2025 (CASP Rules and Guidelines) take effect.","source":"BitPinas","source_url":"https://bitpinas.com/regulation/sec-crypto-rules-date/"},{"date":"2025-08-04","event":"Philippine SEC issues public advisory naming OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex as unregistered CASP operators.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2025/08/06/philippines-sec-cracks-down-on-unregistered-crypto-exchanges-as-new-rules-kick-in"},{"date":"2025-08-11","event":"PLDT and Smart Communications block access to the ten named exchanges following NTC directive.","source":"Newsbytes PH","source_url":"https://newsbytes.ph/2025/08/11/pldt-smart-block-access-to-10-crypto-exchanges-after-sec-advisory/"},{"date":"2025-08-12","event":"Philstar reports PLDT blocks access to the illegal crypto exchange sites.","source":"Philstar","source_url":"https://www.philstar.com/business/2025/08/12/2464772/pldt-blocks-access-illegal-crypto-sites"},{"date":"2025-08-14","event":"Philippine SEC issues second advisory clarifying that crypto trading itself is not banned, only unregistered platforms are blocked.","source":"BitPinas","source_url":"https://bitpinas.com/regulation/sec-clarifies/"},{"date":"2025-08-18","event":"Philippine SEC states formally that there is no ban on crypto trading, only a registration requirement for service providers.","source":"BusinessWorld Online","source_url":"https://bworldonline.com/corporate/2025/08/18/692095/sec-says-no-ban-on-crypto-trading/"},{"date":"2025-08-29","event":"Philippine SEC defends its enforcement actions, arguing Filipinos had ample time to withdraw funds before blocks were implemented.","source":"BitPinas","source_url":"https://bitpinas.com/regulation/sec-defends-blocking/"},{"date":"2025-12-22","event":"NTC issues separate order based on BSP identification of approximately 50 unlicensed VASPs, blocking Coinbase, Gemini, and others. OKX, Kraken, KuCoin, Bitget, and MEXC appear on this additional list as well.","source":"Yahoo Finance","source_url":"https://finance.yahoo.com/news/philippines-blocks-coinbase-gemini-50-162806278.html"}]},"v":1}