The Philippine Securities Exchange Commission The Securities and Exchange Commission (SEC) has cautioned investors to avoid trading on unlicensed and unregulated cryptocurrency platforms. The Warning came after the collapse of crypto exchange FTX, which “left hundreds of thousands, including millions of unsecured creditors with few or no recourse to recover their money,” the regulator highlighted.
Philippine SEC Alerts Of Unregistered Cryptocurrency Exchanges
The Philippine Securities Exchange Commission (SEC), issued an Advisory on Friday Not to transact with any unregistered cryptocurrency exchanges available in the nation. The Regulator wrote:
The SEC advises that the public should not buy or sell any digital assets on unlicensed and unregistered crypto exchanges in the Philippines.
The The collapse of the crypto exchange FTX was an example of the dangers of unregulated platforms “left hundreds of thousands, even millions of unsecured creditors with little or no recourse to recover their money,” the Philippine SEC explained.
The The regulator reminded investors that any entity wishing to do business in the country must register with the SEC. Philippines. “SEC is the registrar and supervisor of the Philippine corporate sector; it supervises more than 600,000 active public limited companies and evaluates the financial statements (FS) presented by all the companies registered with it”This notice can be found at. In addition, “the securities will not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed and approved by the Commission,” This regulator was emphasized.
The Philippine SEC clarified that crypto trading platforms not registered with the SEC are prohibited “offer different products and schemes that are high risk and sometimes fraudulent,” adding:
Several Unregistered cryptocurrency exchanges are deliberately targeting Filipino Investors and borrowers can find each other through social media advertisements and illegally Filipinos To access their online platforms, you can create or enroll customer accounts through the use of online media.
The 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 nation. As Of November 30 companies are on the list.
They Are you 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 Exchange Remittance Services (aka Philbit), Philippine Digital Asset Exchange (aka PDAX), Rebittance, Topjuan Technologies, Wibs PHP, Xenremit Zybi Tech (aka Juan Cash).
The Philippines According to blockchain data analytics firm, it is one of the top countries for crypto adoption Chainalysis. The Investors have been alerted by the central bank about the possibility that they may interact with unregistered cryptocurrency service providers. In AugustThe BSP declared that it would stop receiving applications for crypto licences after three years. September.
What What do you think about the Philippine SEC cautioning investors to avoid trading with unregistered cryptocurrency platforms Let Let us know what you think in the comments section.
