The Securities and Exchange Commission (SEC) warned the public against dealing with online platforms that provide crypto-asset services without necessary licenses from the commission.

In an advisory, the SEC Enforcement and Investor Protection Department identified platforms operated by unauthorized crypto-asset service providers (CASPs) that remain accessible and have active marketing presence in the country.

The list of unregistered CASPs and are unauthorized to solicit investments from the public include OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex and Kraken.

In addition, the SEC cautioned how unregistered crypto-asset platforms may be exploited for money laundering and terrorist financing, given that they are not subject to monitoring by local regulators and often lack effective anti-money laundering systems.

“The public is advised to not invest or trade in unregistered platforms, and remain cautious of crypto promotions on mobile applications and social media, or by influencers that target Filipino users,” the SEC said.

It added that, “The public is also urged to report any unauthorized offering, selling or marketing of crypto-assets to the EIPD at [email protected], or to the Cyber and Forensics Division at [email protected]. For inquiries on registration and licensing, you may contact [email protected].”

The Commission said it remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public.