The SEC said that the exchanges offer products and schemes that are high-risk and sometimes fraudulent.
After the height of the FTX collapse, the Philippine government warned investors within the country about using unlicensed crypto exchanges.an advisory to the public against using unregistered cryptocurrency exchanges that are operating within the country. Within the warning, the SEC did not directly mention the FTX exchange but said that the warning considers “the recent collapse of a large international cryptocurrency exchange.
Citing the laws within the country, the government agency reiterated that any entity intending to conduct business within the country is required to register with the SEC. They wrote: “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.”
According to the SEC, a number of exchanges are targeting Filipino investors through advertisements online and through social media. The government agency also highlighted that the exchanges are currently “unlawfully allowing” Filipinos to access their platforms and enable the creation of accounts online. The SEC wrote that these exchanges “offer different products and schemes which are high-risk and sometimes fraudulent.
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