The Securities and Exchange Commission (SEC) has warned Filipinos against using at least 10 unregistered cryptocurrency platforms that offer crypto-asset services without proper licenses.
The SEC highlighted the risks these unauthorized platforms pose, including potential loss of investments, fraud, market manipulation, and exposure to money laundering and terrorist financing.
Philippine laws require virtual asset service providers to follow strict safeguards like customer due diligence and suspicious transaction reporting, which unregistered platforms lack.
The commission urged investors to avoid unregistered crypto platforms and to report any suspicious activities to the SEC immediately.
The SEC also said it may take legal action against violators by issuing cease and desist orders, blocking websites, or filing criminal complaints.
Source: PhilNews24 | August 7, 2025
