Philippines Crypto Exchange Checker
Check if your cryptocurrency exchange is approved by the Securities and Exchange Commission of the Philippines (SEC) under the CASP framework. Unregistered platforms will be blocked starting September 1, 2025.
The SEC Philippines is no longer warning crypto users - it’s acting. Since July 5, 2025, unregistered crypto exchanges have been blocked, fined, and forced out of the Philippine market. This isn’t a threat. It’s reality. And if you’re trading crypto in the Philippines, you need to know exactly what’s happening - and why.
What the SEC Actually Did
On May 30, 2025, the Securities and Exchange Commission of the Philippines issued two binding rules: Memorandum Circular No. 4 and No. 5. Together, they created the Crypto Asset Service Provider (CASP) framework. This wasn’t a suggestion. It was a legal requirement. Every crypto platform serving Filipinos - no matter where it’s based - had to register as a local corporation, open a physical office in the Philippines, and meet strict financial and security standards. The rules didn’t ban crypto. They banned unregulated access to it. The SEC made it clear: you can still buy Bitcoin, Ethereum, or any other coin. But you can’t use a platform that hasn’t passed their vetting. The goal? To stop another FTX-style collapse from wiping out ordinary Filipinos’ savings.Why Binance Got Kicked Out (And Why It Matters)
In 2024, the SEC forced Binance to leave the Philippines. It wasn’t because Binance was fraudulent. It was because it refused to register. The SEC gave users 90 days to withdraw funds. Then they blocked the website. They got app stores to remove the app. They warned the public. The result? A 67% drop in reported crypto fraud cases, according to the Philippine National Police. That’s not a coincidence. It’s proof the rules work. Now, the same playbook is being used against OKX, Bybit, KuCoin, Kraken, LBank, and CoinW. These platforms are still operating - but only illegally. The SEC has already started working with internet providers to block them. Website access will be cut off starting September 1, 2025.What It Takes to Be Legal
If you’re running a crypto business in the Philippines, here’s what you need to do:- Register as a domestic Philippine corporation - no offshore shells allowed.
- Have at least ₱100 million (about $1.8 million USD) in paid-up capital.
- Keep a physical office in the country.
- Store 95% of customer funds in cold wallets.
- Use blockchain analytics tools to monitor all transactions over ₱50,000 ($900 USD).
- Report finances to the SEC every month.
- Pass an ISO 27001 cybersecurity audit.
- Don’t offer yield products over 20% APY without special approval.
What Happens If You Don’t Comply?
The penalties are brutal.- Initial fines: ₱50,000 to ₱10 million per violation ($900-$180,000 USD).
- Daily fines: ₱10,000 ($180 USD) for every day you keep operating illegally.
- Criminal charges: Up to ₱2 million in fines and 5 years in prison under the Securities Regulation Code.
Who’s Getting Hurt - And Who’s Being Protected
Critics say these rules are too strict. They claim Filipinos will lose access to better platforms, higher yields, and more coins. But here’s what the data shows:- 15 million Filipinos trade crypto - 9% of the population.
- 85% of them use unregistered platforms.
- 68% use crypto mainly for remittances - sending money home to family.
- Many of these users have no financial training. They trust apps that look professional. They don’t read terms.
The Market Is Changing - Fast
Before these rules, the Philippine crypto market was a Wild West. $18.7 billion in transaction volume in 2024. Third largest in Southeast Asia. But also the most vulnerable. Now, things are shifting.- Transaction volume is expected to drop 35-40% in 2025 - because unlicensed platforms are being shut down.
- But long-term volatility will fall. Fitch Ratings now projects annual growth at 14%, not 22%. That’s slower - but steadier.
- Local exchanges like Coins.ph and PDAX are finally getting a fair shot. They’ve been playing by the rules for years. Now, they’re the only ones left standing.
What Should You Do Right Now?
If you’re a user:- Check if your exchange is on the SEC’s approved list. The list is updated weekly on their website.
- If it’s not - withdraw your funds before September 1, 2025. Don’t wait.
- Use only platforms with a physical Philippine office and a CASP registration number.
- Never use a VPN to access blocked platforms. That doesn’t make you smarter - it makes you a target.
- Start the CASP registration process immediately. It takes 90-120 days.
- Get your ISO 27001 audit done now. It’s not optional.
- Open a local bank account. The SEC requires proof of capitalization in a Philippine bank.
- Use the SEC’s free registration portal. It has video guides in Tagalog and English.
What’s Next?
The SEC isn’t done. By 2027, they plan to regulate decentralized finance (DeFi) protocols. Smart contracts, liquidity pools, yield farms - all will need oversight. They’re also watching peer-to-peer (P2P) trading. Right now, it’s a loophole. People use Telegram groups and local cash deals to bypass the rules. The SEC says they’re developing tools to track those transactions too. The message is clear: the age of unregulated crypto in the Philippines is over. The new era is about safety, accountability, and long-term trust.Frequently Asked Questions
Are crypto trades banned in the Philippines?
No. Trading crypto is still legal. What’s banned is using unregistered platforms to trade. You can still buy, sell, and hold Bitcoin, Ethereum, and other assets - but only through SEC-approved exchanges that meet the CASP requirements.
Can I still use Binance or Bybit after September 2025?
No. The SEC has already ordered internet providers to block access to these platforms. Even if you use a VPN, your transactions may be flagged, and your funds could be frozen if you’re caught using unregistered services. The SEC has made it clear they will pursue users who deliberately evade the rules.
What if my favorite exchange doesn’t register?
Withdraw your funds as soon as possible. The SEC will not guarantee access to funds on unregistered platforms. If the platform shuts down or gets blocked, you could lose everything. There is no bailout for users of illegal exchanges.
Are DeFi platforms regulated now?
Not yet. The current CASP rules only apply to centralized platforms that hold user funds. Decentralized finance (DeFi) protocols like Uniswap or Aave are not required to register - but that’s changing. The SEC has announced plans to regulate DeFi by 2027, especially platforms offering yield or staking services to Filipinos.
How do I know if an exchange is SEC-approved?
Visit the SEC’s official website and check the list of registered Crypto Asset Service Providers (CASP). Only platforms with a CASP registration number and a physical office in the Philippines are approved. If you can’t find the platform on that list, assume it’s not legal.
Can I start my own crypto exchange in the Philippines?
Yes - but it’s expensive and complex. You need ₱100 million in capital, a local corporate structure, ISO 27001 certification, and a full compliance team. The SEC processes applications in 30 business days - but only if everything is perfect. Most startups fail at the first hurdle: proving they have the required capital in a Philippine bank.
What’s the penalty for using a banned exchange?
There’s no direct penalty for users. But if you’re caught using a blocked platform, your transactions may be flagged for money laundering investigations. Your bank or payment provider could freeze your accounts. The SEC’s focus is on platforms, not individuals - but you’re still at risk.
Will these rules drive crypto activity underground?
Some activity will shift to P2P trading and VPN-based access. The SEC estimates 15-20% of users may go underground. But the majority - especially those using crypto for remittances - value safety over convenience. The SEC’s goal is to make the legal path easier, safer, and more trustworthy than the illegal one.
I'm a blockchain analyst and crypto educator who builds research-backed content for traders and newcomers. I publish deep dives on emerging coins, dissect exchange mechanics, and curate legitimate airdrop opportunities. Previously I led token economics at a fintech startup and now consult for Web3 projects. I turn complex on-chain data into clear, actionable insights.