The Philippine Securities and Exchange Commission (SEC) Investors who oppose trading with non-cryptocurrency exchanges. The warning comes on the heels of the collapse of cryptocurrency exchange FTX, which said “hundreds of thousands, even millions, of unsecured creditors have lost little or no means of recovering their funds.” , the regulator emphasized.
Philippine SEC warns of unregulated cryptocurrency exchanges
The Philippine Securities and Exchange Commission (SEC) announced on Friday that issued an advisory to warn the public against trading. The regulator wrote:
The SEC prohibits trading with unregistered and unlicensed cryptocurrency exchanges deemed accessible and operating in the Philippines. strongly warns and advises the public against
The recommendation follows the collapse of cryptocurrency exchange FTX, which states that “hundreds of thousands, even millions, of unsecured There are now few or no recourses to the SEC,” explains the Philippine SEC.
The regulator has reminded investors that any entity conducting business in the Philippines must register with the SEC. “The SEC is the registrar and regulator of the corporate sector in the Philippines. It oversees more than 600,000 active companies and evaluates the financial statements (FS) filed by all registered companies,” it said. The details of the advisory are explained. Furthermore, “securities may not be sold or offered for sale or distribution within the Philippines without a duly filed and approved registration statement with the European Commission,” the regulator stressed.
The Philippine SEC explained that unregistered cryptocurrency trading platforms “offer a variety of high-risk and sometimes fraudulent products and schemes,” adding:
Many unregistered cryptocurrency exchanges have been deliberately targeted Filipino investors and borrowers have illegally accessed online platforms through online advertisements on social media and register, create, or permit the registration of Client Accounts through any means;
The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), maintains a list of Virtual Asset Service Providers (VASPs) licensed to operate in the country. As of November 30, 19 companies are on the list.
ABA Global Philippines (aka Coex Star), Appsolutely, Atomtrans Tech, Betur (aka Coins.ph), Bexpress, Bloom Solutions, Coinville Phils, Etranss Remittance International, Frenetic, I-Remit, Moneybees Forex. , Paymaya Philippines, Philbit Money Changer and Remittance Services (aka Philbit), Philippine Digital Asset Exchange (aka PDAX), Rebittance, Topjuan Technologies, Wibs PHP, Xenremit, and Zybi Tech (aka Juan Cash).
The Philippines is one of the countries with the highest adoption of cryptocurrencies, according to blockchain data analytics firm Chainalysis. The central bank also regularly warned investors about engaging with unregistered crypto service providers. In August, BSP announced that it would stop accepting cryptocurrency license applications for three years starting in September.
Image Credits: Shutterstock, Pixabay, Wiki Commons