The Philippines' SEC issued a warning about unlicensed cryptocurrency exchanges following the FTX collapse. crypto
Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse
SEC strongly warns and advises the public against transacting with unregistered and unlicensed cryptocurrency exchanges reachable and deemed operating in the Philippines. The regulator proceeded to remind investors that an entity is required to register with the SEC if it intends to conduct business in the Philippines. “SEC is the registrar and overseer of the Philippine corporate sector; it supervises more than 600,000 active corporations and evaluates the financial statements filed by all corporations registered with it,” the advisory details.
A number of unregistered cryptocurrency exchanges are deliberately targeting Filipino investors and borrowers through online advertisements in social media and unlawfully allowing Filipinos to access their online platforms and permit the enrollment, creation, or registration of client accounts through online means.
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