When the Crypto Exchange Ban Philippines, a regulatory action by the Securities and Exchange Commission (SEC) of the Philippines targeting unlicensed digital asset platforms. Also known as Philippine crypto exchange shutdown, it forced major platforms like Binance to stop local operations in 2023 after failing to meet licensing requirements. This wasn’t a ban on crypto itself—it was a move to stop unregulated platforms from handling Philippine pesos and user funds without oversight.
What followed wasn’t chaos, but a quiet shift. Filipinos didn’t stop trading—they moved to licensed exchanges like PDAX, a locally registered digital asset exchange compliant with Philippine financial laws. Also known as Philippine Digital Asset Exchange, it’s one of the few platforms allowed to offer peso-to-crypto trading under the SEC’s watch. Meanwhile, international platforms like Bybit and Kraken still let Filipinos trade, but only if they use foreign bank accounts or peer-to-peer (P2P) methods. The SEC’s goal? To protect ordinary users from scams, frozen accounts, and fake platforms like TokenEco or BIJIEEX that have no legal footing in the country. The crackdown also exposed how many Filipinos were using unregulated apps that promised high returns but had no accountability. These platforms often had no KYC, no customer support, and disappeared overnight. The SEC’s move forced transparency, even if it made trading less convenient.
Today, the crypto scene in the Philippines is split: a small group uses licensed local exchanges, while the majority rely on P2P marketplaces like Paxful or LocalBitcoins, where users trade directly using GCash or bank transfers. The government still doesn’t recognize crypto as legal tender, but it’s slowly building a framework for regulated tokenization and blockchain-based remittances. This means the future isn’t about banning crypto—it’s about controlling how it connects to the peso. You won’t find a single official list of approved exchanges, but you can check the SEC’s website for licensed entities. And if you’re trading right now, you’re likely using one of the few platforms that passed scrutiny—or you’re taking your chances with P2P.
Below, you’ll find real reviews of exchanges that Filipinos actually use, deep dives into why some platforms got banned, and clear breakdowns of the rules that still apply. No fluff. No hype. Just what’s working, what’s risky, and where to go next.
The SEC Philippines has launched aggressive crypto enforcement actions in 2025, banning unregistered exchanges and requiring strict registration for all platforms serving Filipinos. Here's what you need to know about the CASP rules, penalties, and how to stay compliant.