The Philippines SEC Has Issued A Warning Against Using Unregulated Cryptocurrency Exchanges

Key Points:

• The Philippine SEC forbids Filipinos from participating in unregistered exchanges.

• The Securities and Exchange Commission (SEC) is the registrar and overseer of the Philippine business sector; it supervises over 600,000 active corporations and evaluates all financial statements (FS) filed with it.

The Philippines SEC stated that providing Filipinos with access to unregistered exchanges is prohibited. Following the peak of the FTX collapse, the Philippine government warned domestic investors against utilizing unregistered crypto exchanges.

The Philippines SEC has warned the public against utilizing unregistered cryptocurrency exchanges operating within the nation. The SEC’s warning does not specifically identify the FTX exchange, but it does cite “the recent collapse of a large international cryptocurrency exchange.“

The government body reaffirmed, citing domestic legislation, that any entity wanting to conduct business in the country must register with the SEC. They wrote: The Securities and Exchange Commission (SEC) is the registrant and overseer of the Philippine corporate sector; it monitors over 600,000 active corporations and reviews the financial statements (FS) filed by all corporations registered with it.

According to the Philippines SEC, a number of exchanges are targeting Filipino investors through web and social media ads. The government agency also stated that the exchanges are currently “illegally” allowing Filipinos to access their platforms and open accounts online. According to the Philippines SEC, these exchanges sell various products and schemes that are high-risk and occasionally fraudulent.

On August 4, the SEC singled out Binance and urged local investors not to utilize the crypto trading platform. The exchange is not licensed to solicit investments, according to the SEC.

The Banko Sentral ng Pilipinas (BSP), the country’s central bank, issued a similar caution to domestic investors on August 19. The BSP warned Filipino citizens to avoid utilizing foreign virtual asset service providers that are not registered in the Philippines and are situated elsewhere. When dealing with such enterprises, the central bank believes it will be impossible to implement any consumer protection procedures or legal consequences.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Chubbi

Coincu News