Philippines Crypto Exchange Checker
Check if Your Exchange is Legal in the Philippines
Enter an exchange name to see if it's currently licensed or blocked by the Philippine SEC.
The Philippines Securities and Exchange Commission (SEC) didn’t just send a warning - it shut the door. On August 1, 2025, the SEC publicly named 15 cryptocurrency exchanges operating illegally in the country. By August 25, that list had grown from 10 to 15, and more could be added. These aren’t small, unknown platforms. They’re giants: OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, CoinEx, Phemex, BitMart, Poloniex, Blofin, CoinW, DigiFinex, LBank, and Pionex. All of them are now blocked in the Philippines. Not because trading crypto is illegal. But because these platforms refused to play by the new rules.
What Changed in July 2025?
On July 5, 2025, new rules kicked in. They weren’t suggestions. They were requirements. The SEC’s Memorandum Circular No. 4 and No. 5 created the first-ever legal framework for crypto service providers in the Philippines. If you want to serve Filipino users, you now need to be registered as a local company. That means more than just having a website that accepts PHP. You need a physical office inside the country. You need at least 100 million pesos (about $1.8 million USD) in capital. You need to keep customer money completely separate from your own. And you have to submit detailed financial reports every single month.It’s not about stopping crypto. It’s about controlling who can touch it. The SEC made it clear: if you’re targeting Filipinos, you’re under Philippine law. No exceptions. No loopholes. No "I’m based in Singapore" excuses.
How the Block Works
The SEC didn’t just post a list. They made sure people couldn’t ignore it. Starting August 7, 2025, major telecom providers - PLDT and Globe Telecom - began blocking access to these platforms. Try to open OKX or Bybit on your phone or home internet? You won’t get to the login page. Instead, you’ll see a notice: "This site is blocked by order of the Philippine SEC."That’s not a technical glitch. It’s policy enforcement. The government is using the same tools it uses to block illegal gambling and pirated content. You can still get around it with a VPN. But that’s not the point. The SEC wants you to know: you’re accessing something that’s not legal here. It’s a deterrent. A warning. And for many users, it’s enough to push them toward licensed alternatives.
Why These Exchanges Got Blocked
These aren’t random picks. Every exchange on the list is one of the top 20 globally by trading volume. OKX is in the top three. Bybit is the biggest derivatives platform in Asia. KuCoin has more altcoins than most. Kraken has been around since 2011 and is trusted in the U.S. and Europe. Yet none of that mattered.The SEC didn’t care about reputation. They didn’t care about user base. They only cared about compliance. If you didn’t register, you were blocked. Even if you had a perfect track record elsewhere, you were still on the list. This sends a message: global standards don’t apply here. Local rules do.
Some exchanges might have tried to skirt the rules by offering localized websites, Filipino-language support, or peso-denominated trading pairs. The SEC saw that as targeting. And targeting without registration? That’s a violation.
What Happens If You Keep Using Them?
There’s no law saying you can’t use a VPN to access these platforms. But there’s no protection either. If you trade on Kraken or Bitget and something goes wrong - a hack, a freeze, a sudden shutdown - you have no legal recourse. The SEC won’t step in. The Philippine government won’t refund your money. You’re on your own.That’s the whole point. The SEC wants to make it clear: unregulated platforms are risky. And if you choose to use them, you’re accepting that risk. No more pretending that these platforms are "safe because they’re big." Big doesn’t mean legal. Big doesn’t mean protected.
Who’s Still Allowed to Operate?
The SEC hasn’t shut down crypto. They’ve just cleared out the unlicensed players. There are still a few platforms operating legally in the Philippines. These include local exchanges like Coins.ph and PDAX, which registered under the new rules. They’ve set up offices, deposited their capital, and started monthly reporting. They’re the only ones legally allowed to offer services to Filipinos.Some international platforms are trying to get in. But the 100 million peso capital requirement is a huge barrier. It’s not just about money - it’s about infrastructure. Setting up a local office, hiring staff, complying with local tax laws, and submitting monthly reports takes time and resources. Many global exchanges are still deciding if the Philippines market is worth the cost.
What This Means for Filipino Investors
For new users, the road just got harder. No more quick sign-ups on Bybit or OKX with just an email and a phone number. You now need to go through a licensed platform, which often means stricter KYC, slower withdrawals, and fewer trading pairs.For experienced traders, it’s frustrating. They’ve lost access to the platforms they’ve used for years. They’ve lost liquidity. They’ve lost the ability to trade certain altcoins. Some have turned to peer-to-peer (P2P) markets or decentralized exchanges (DEXs) like Uniswap. But P2P carries its own risks - scams, chargebacks, no dispute resolution.
But there’s a flip side. Before this crackdown, Filipino investors lost millions when exchanges like FTX collapsed. There were no protections. No insurance. No oversight. Now, if you use a licensed platform, your funds are legally required to be kept separate from company assets. If the exchange fails, your money isn’t gone with it. That’s a real safety net.
Regional Trends: Southeast Asia Is Getting Tougher
The Philippines isn’t alone. Thailand blocked five exchanges in May 2025, including Bybit and OKX. Indonesia raised taxes on offshore crypto trades from 0.2% to 1%. Vietnam is tightening its rules. Malaysia is requiring local registration. This isn’t a coincidence. It’s a regional shift.These countries are tired of being the dumping ground for unregulated crypto platforms. They’re tired of seeing their citizens lose money because a company based in the Cayman Islands decided to vanish. Now, they’re saying: if you want our market, you play by our rules.
The Philippines is leading the pack in enforcement. They didn’t wait for public outcry. They didn’t issue vague warnings. They set clear rules. They enforced them fast. And they used real power - ISP blocking - to make sure everyone felt it.
The Bigger Picture: Regulation vs. Freedom
Critics say this is overreach. That the SEC is protecting local exchanges from global competition. That it’s stifling innovation. Maybe. But the SEC’s argument is simpler: we’re protecting people.Before 2024, the Philippines had no rules. After Binance was blocked, they learned. They studied what went wrong. They watched how other countries handled it. And they built something structured. It’s not perfect. It’s not easy. But it’s a system.
For now, the message is clear: if you want to trade crypto in the Philippines, you have two choices. Use a licensed platform. Or use a VPN and accept the risks. There’s no middle ground.
What’s Next?
The SEC says the blacklist is not final. More exchanges could be added. They’re watching platforms that try to slip through - like those that hide their targeting of Filipinos behind anonymous domains or use third-party payment processors.Some exchanges might eventually register. Others might give up. Either way, the market is changing. The era of unregulated crypto access in the Philippines is over. The question now isn’t whether you can trade crypto. It’s whether you want to trade it safely.
Are cryptocurrency transactions banned in the Philippines?
No. Trading crypto is still legal. The SEC’s crackdown targets unregistered exchanges, not crypto itself. Filipinos can still buy, sell, and hold digital assets - but only through platforms that are officially licensed by the SEC.
Why were exchanges like Kraken and OKX blocked if they’re reputable?
Reputation doesn’t matter under the new rules. The SEC doesn’t care if an exchange is safe elsewhere. What matters is whether it registered in the Philippines, set up a local office, and followed the capital and reporting requirements. Kraken and OKX chose not to comply, so they were blocked - regardless of their global standing.
Can I still use these exchanges with a VPN?
Technically, yes. But you lose all legal protection. If your funds are frozen, hacked, or stolen, the SEC won’t help you. You’re operating outside the law, and there’s no recourse. Using a VPN doesn’t make the activity legal - it just hides it.
What are the penalties for unregistered exchanges?
Exchanges that violate the rules face fines from 50,000 to 10 million pesos per violation. They also get hit with daily penalties of 10,000 pesos for every day they keep operating illegally. The SEC can also pursue criminal charges against company officers.
Which exchanges are still legal in the Philippines?
Only those that registered under the new CASP framework. As of November 2025, licensed platforms include Coins.ph and PDAX. The SEC publishes an updated list of approved exchanges on its official website, though access may be restricted due to the ISP blocks.
Will more exchanges be added to the blacklist?
Yes. The SEC has warned that any platform targeting Filipino users without registration will be added. They’re actively monitoring new platforms, especially those using localized domains, Filipino-language interfaces, or peso payment options to attract users.
Why is the capital requirement so high at 100 million pesos?
The 100 million peso requirement is meant to ensure that only serious, financially stable companies can operate. It’s designed to prevent fly-by-night operators from setting up shop and disappearing after collecting user funds. It’s a barrier to entry - but one meant to protect investors.
Does this mean the Philippines is anti-crypto?
No. The SEC has repeatedly said they support a regulated crypto market. They want innovation - but not at the cost of investor safety. Their goal is to build a sustainable, trustworthy crypto ecosystem where Filipinos can trade without fear of fraud or collapse.
This is actually a smart move. No more gambling with people’s life savings just because some exchange has a fancy logo.
Big exchanges got blocked because they’re lazy. No one asked them to be heroes. Just register or GTFO.
Let me guess-next they’ll ban VPNs too. Because nothing says freedom like government-mandated financial babysitting.
If you’re new to crypto in the PH, this is actually a gift. No more ‘I lost everything’ stories on Reddit. Licensed platforms mean real protections.
Let’s be real-the 100M peso requirement is a corporate cartel play. Local players get cozy while global ones get crushed. This isn’t consumer protection, it’s rent-seeking disguised as regulation.
And don’t pretend Kraken didn’t have the resources. They just didn’t want to deal with paperwork. That’s not ethics, that’s arrogance.
The SEC didn’t ban crypto. They banned indifference. And that’s why this is the most mature crypto policy in Southeast Asia right now.
Meanwhile, Thailand’s just taxing it. Indonesia’s making it expensive. Philippines? They’re building a system. One that doesn’t let offshore shell companies treat Filipinos like ATM pins.
Yes, it’s inconvenient. Yes, you lose liquidity. But when FTX collapsed and 300k Filipinos got wiped out, did anyone care? Now they do. Now there’s accountability.
Don’t cry about losing Bybit. Cry about the fact that you ever trusted a company with zero legal presence in your country to hold your money.
This isn’t anti-crypto. It’s pro-survival.
Y’all are missing the point. This isn’t about who’s right or wrong-it’s about safety. I’ve seen friends lose everything on unregulated platforms. No refunds. No complaints. Just silence.
Now if something goes wrong with Coins.ph? There’s a regulator. A paper trail. A chance.
I don’t care if it’s slower. I care if my money’s still there when I wake up.
Finally someone gets it. I used to trade on KuCoin like it was Amazon. Then I lost $12k in a ‘technical glitch’ and got zero help.
Now I use PDAX. Withdrawals take 2 days. KYC is a nightmare. But at least I know if they vanish, someone’s gonna answer my call.
Worth it.
Regulation isn’t the enemy of innovation-it’s the scaffolding that lets it survive. Think of it like aviation: no one bans planes, but you damn well better have a license to fly one.
The SEC isn’t killing crypto. They’re pruning the dead branches so the tree can grow taller.
And honestly? The 100M peso cap? That’s not a barrier-it’s a filter. It keeps out the grifters. The fly-by-nights. The ones who treat crypto like a casino with a website.
Philippines just leveled up. The rest of SEA? They’re still playing tic-tac-toe.
Wow. So now you need to be a billionaire to trade crypto? How very democratic.
That’s the point, bro. You don’t need to be a billionaire-you need to be serious. If you’re a global exchange making millions off Filipinos, you owe them more than a website with Tagalog buttons.
Setting up an office? Hiring local staff? Paying taxes? That’s not a cost-it’s a responsibility.
And if you think that’s too much? Then don’t come here. There are 1.1 billion people in India who don’t need you to exploit them either.