08-20-2025 
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PLDT Inc. and its wireless subsidiary Smart Communications have restricted access to 10 digital currency exchanges in the Philippines after receiving a directive from the country’s Securities and Exchange Commission (SEC) and the National Telecommunications Commission (NTC). The affected platforms are OKX, Bybit, MEXC, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex, and Kraken.
The SEC said these companies were operating in the Philippines without proper authorization under the newly enforced Crypto Asset Service Provider (CASP) Rules and Guidelines. Under these rules, which took effect on July 5, digital asset service providers must secure registration and licenses before they can operate in the country.
SEC concerns over investor risk
The regulator warned that Filipino investors who trade through unregistered platforms face risks such as loss of funds, lack of legal recourse, fraud, identity theft, and exposure to market manipulation. The SEC added that unregulated platforms may be exploited for money laundering and terrorist financing, creating vulnerabilities that have been flagged by international watchdogs such as the Financial Action Task Force (FATF).
The SEC noted that its advisory is not limited to the ten named exchanges. Other platforms that provide similar services without registration are likewise considered in violation of Philippine securities laws.
PLDT and Smart stress cybersecurity role
PLDT and Smart said the blocked websites can no longer be accessed through their network. The group emphasized its cooperation with government regulators to safeguard Filipino users from online risks. It highlighted that its Cyber Security Operations Group had already blocked over 100 billion attempts to access malicious domains in the first half of 2025.
The telecommunications firm reiterated its “whole-of-nation” approach to digital security, which involves collaboration with regulators, technology companies, and private organizations.
Legal actions and enforcement measures
The SEC announced that it will continue to pursue legal action against violators of the CASP framework. Measures include cease and desist orders, requests to block access to websites and mobile apps, and the filing of criminal complaints under the Securities Regulation Code and the Financial Products and Services Consumer Protection Act.
The regulator also said it is coordinating with major digital platforms such as Google (NASDAQ: GOOGL), Apple (NASDAQ: AAPL), Meta (NASDAQ: META), and TikTok to remove unauthorized marketing campaigns.CASP rules and compliance requirements
The CASP Rules and Guidelines, issued in June and implemented in July, require service providers to register as stock corporations in the Philippines with at least PHP100 million ($1.8 million) in paid-up capital. The framework also mandates the submission of business plans, disclosure matrices, and compliance documents.
The SEC highlighted fund segregation as a core element of investor protection under the rules. Platforms must separate customer assets from company assets to ensure protection in the event of insolvency or collapse. The guidelines also include provisions on risk disclosure and investor education.
Guidance for the public
The Philippine SEC urged the public not to use or invest through unregistered platforms, regardless of whether they are widely accessible or endorsed online. It advised investors to report suspicious activity to the Enforcement and Investor Protection Department or the Cyber and Forensics Division.
The Commission reiterated that relying on influencers or social media promotions without confirming registration status exposes individuals to financial loss and possible involvement in unlawful activity.
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